Mr. Glass earned 24,000 in service revenues for the month of March by repairing

Question

Mr. Glass earned 24,000 in service revenues for the month of March by repairing 200 windshields. All costs shown are considered to be directly related to the repair service. Requirement 1. Prepare an income statement for the month of March. Score: 0 of 30 pts 10 of 11 (9 complete) P16-31A (similar to) Mr. Glass repairs chips in car windshields. The company incurred the following operating costs for the month of March 2018 EE (Click the icon to view the operating costs.) Mr. Glass earned $24,000 in service revenues for the month of March by repairing 200 windshields. All costs shown are considered to be directly related to the repair service Read the requirements Requirement 1. Prepare an income statement for the month of March. Mr. Glass Income Statement Month Ended March 31, 2018 Revenues Expenses Choose from any list or enter any number in the input fields and then click Check Answer Clear All remaining

Explanation / Answer

Requirement - 1

INCOME STATEMENT

Required - 2

Cost per unit = Total expenses / Number of units repaired = 19680 / 200 = 98.40

Required - 3

NO , the manager hadn't meet his goal. Cost per unit as calculated above is 98.40 is higher than the target cost of 60.

Revenues Service revenues 24000 Expenses Salaries and wages 6000 Windshied repair materials 4500 Depreciation on truck 500 Depreciation on Building 900 Supplies used 400 Utilities 7380 Total Expenses 19680 Operating Income 4320

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