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Fairchild Group's Accountant Prepared the Following Income Statement for the Month

Question 159

Essay

Fairchild Group's accountant prepared the following Income Statement for the month of August.
Required:
Fairchild Group
Income Statement
For the month of August
 Sales revenue $912,200 Cost of goods sold 601,920 Gross margin 310,080 Less:  Selling expense 164,160 Administrative expense 63,840 Operating income $82,080\begin{array}{ll}\text { Sales revenue } & \$ 912,200 \\\text { Cost of goods sold } & 601,920 \\\text { Gross margin } & 310,080\\\text { Less: }\\\text { Selling expense } & 164,160 \\\text { Administrative expense } & 63,840 \\\text { Operating income } & \$ 82,080\end{array} A. Calculate the sales revenue percent.
B. Calculate the cost of goods sold percent.
C. Calculate the gross margin percent.
D. Calculate the selling expense percent.
E. Calculate the administrative expense percent.
F. Calculate the operating income percent.

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