Russell Inc. had sales of $2,200,000 for the first quarter of 2017. In making the sales, the company incurred the following costs and expenses. Variable Fixed Cost of goods sold $920,000 $440,000 Selling expenses 70,000 45,000 Administrative expenses 86,000 98,000 Prepare a CVP income statement for the quarter ended March 31, 2017. RUSSELL INC. CVP Income Statement $ $

Sales                                                     2,200,000

Less Variable Costs:

Cost of goods sold                                (920,000)

Selling expenses                                     (70,000)

Administrative expenses                         (86,000)

Contribution                                            1,124,000

Less Fixed Costs

Cost of goods sold                               (440,000)

Selling expenses                                     (45,000)

Administrative expenses                        (98,000)

Net Income                                               541,000

Explanation:

A CVP income statement is also known as a Variable Costing Income Statement and is written up as follows :

Sales                                                     2,200,000

Less Variable Costs:

Cost of goods sold                                (920,000)

Selling expenses                                     (70,000)

Administrative expenses                         (86,000)

Contribution                                            1,124,000

Less Fixed Costs

Cost of goods sold                               (440,000)

Selling expenses                                     (45,000)

Administrative expenses                        (98,000)

Net Income                                             541,000

hi,

henry is an economist and wants to understand the relationship between inflation and consumer spending habits. for his research, he needs the consumer price index for 2014 and the inflation rate. based on the prices of goods given, what will he find to be the cpi and inflation rate for 2014? assume that a consumer’s basket for three consecutive years consists of the following:

you dont privide answer choices.

answer - 15% of a inflatation rate is 15% less in cpi

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