The following income statements are provided for Li Company\'s last two years of
ID: 2449753 • Letter: T
Question
The following income statements are provided for Li Company's last two years of operation:
2012 2013
Number of units produced and sold 3,600 3,200
Sales revenue $57,600 $51,200
Cost of goods sold 43,000 39,000
Gross margin 14,600 12,200
General, selling and administrative expenses 7,420 6,940 et
income $7,180 $5,260
Assuming that cost behavior did not change over the two year period, what is the company's annual fixed general, selling, and administrative cost?(Do not round intermediate calculations.) $3,100
Explanation / Answer
The following income statements are provided for Li Company's last two years of
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