>> Accounting Basics
Danny's Fish Camp has sales of $1,500,000 for the first quarter of 2010. In making the sales, the company incurred the following costs and expenses.
- Variable Fixed
- Product Costs $400,000 $550,000
- Selling expenses $100,000 $75,000
- Administrative expenses $80,000 $67,000
Instructions: Calculate net income under CVP for 2010.