Use the following information for Brief Exercise:
Morning Smiles Coffee Company manufactures Stoneware French Press coffee makers and sold 8,000 coffee makers during the month of March at a total cost of $612,500. Each coffee maker sold at a price of $100. Morning Smiles also incurred two types of selling costs: commissions equal to 5% of the sales price and other selling expense of $45,000. Administrative expense totaled $47,500.
2-33 Income Statement Percentages
Refer to the information for Morning Smiles Coffee Company on the previous page.
Required:
Prepare an income statement for Morning Smiles for the month of March and calculate the percentage of sales revenue represented by each line of the income statement. (Note: Round answers to one decimal place.)
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Chapter 2 Solutions
Managerial Accounting: The Cornerstone of Business Decision-Making
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