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problem: An income statement for Crandall's Bookstore for 1st quarter of the current year is given below:

On average, a book sells for dollar 50. Variable selling expenses are $5.50 per book, with remaining selling expenses being fixed. The variable administrative expenses are three percent of sales, with the remainder being fixed.

The cost formula for selling & administrative expenses with "X" equal to the number of books sold is:

[A] Y = $98,000 + $42X

[B] Y = $84,000 + $42X

[C] Y = $98,000 + $35X

[D] Y = $84,000 + $35X

Cost Accounting, Accounting

  • Category:- Cost Accounting
  • Reference No.:- M922833

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