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Home / Questions / The following income statement was obtained from Mauzo Ltd. for the year 2013 and 2014 20

The following income statement was obtained from Mauzo Ltd. for the year 2013 and 2014 20

The following income statement was obtained from Mauzo Ltd. for the year 2013 and 2014

2013 2014

Sales 700,000 800,000

Opening inventory - 120,000

Cost of goods manufactured 680,000 560,000

Cost of goods available for sale 680,000 680,000

Less: closing inventory 120,000 40,000

Cost of goods sold (560,000) (640,000)

Gross profit at standard 140,000 160,000

Production volume variance 20,000 (10,000)

Gross profit at standard 160,000 150,000

Selling and administrative expenses:

Variable 35,000 40,000

Fixed 65,000 65,000

Total selling & administrative expenses (100,000) (105,000)

Net income 60,000 45,000
Required

Prepare the common size income statement with sales as the base

Nov 23 2019 View more View Less

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