Using the following data taken from Hsu's Imports Inc., prepare the cost of merchandise sold section of the income statement for the year ended March 31, 2011.
Definitions:
Total Cost
The total amount of money spent on producing goods or services, encompassing both constant and fluctuating expenses.
ATC
Average Total Cost, which is the total cost of production divided by the number of units produced, encompassing both fixed and variable costs.
TC/q
Total cost divided by quantity; a formula to calculate the average total cost.
Average Total Cost
The sum of all production expenses divided by the quantity of products made, indicating the per-unit cost.
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