State how the sales revenue, cost of goods sold, and fixed selling expenses would be reflected in Sunland Corporation's quarterly report prepared for the first quarter of the 2020-2021 fiscal year....

Extracted text: State how the sales revenue, cost of goods sold, and fixed selling expenses would be reflected in Sunland Corporation's quarterly report prepared for the first quarter of the 2020-2021 fiscal year. SUNLAND CORPORATION INCOME STATEMENT 2020-2021 2$ eTextbook and Media >


Extracted text: Sunland Corporation, a publicly traded company, is preparing the interim financial data which it will issue to its stockholders and the Securities and Exchange Commission (SEC) at the end of the first quarter of the 2020-202 fiscal year. Sunland's financial accounting department has compiled the following summarized revenue and expense data for the first quarter of the year. Sales revenue $65,000,000 Cost of goods sold 37,000,000 Variable selling expenses 1,050,000 Fixed selling expenses 2,900,000 Included in the fixed selling expenses was the single lump-sum payment of $1,900,000 for television advertisements for the entire year. Sunland Corporation must issue its quarterly financial statements in accordance with generally accepted accounting principles regarding interim financial reporting. Should Sunland report its operating results for the quarter as if the quarter were a separate reporting period in and of itself, or as if the quarter were an integral part of the annual reporting period. eTextbook and Media