Hamby Inc. has sales of $2,000,000 for the first quarter of 2014. In making the sales, the company incurred the following costs and expenses.
|
Variable
|
Fixed
|
|
Cost of goods sold
|
$760,000
|
$600,000
|
|
Selling expenses
|
95,000
|
60,000
|
|
Administrative expenses
|
79,000
|
66,000
|
Prepare a CVP income statement for the quarter ended March 31, 2014.