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Draw a traditional income statement for quarter ended may

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Reference no: EM132700004

Haaki Shop Inc. is a large retailer of surfboards. The company assembled the information shown below for the quarter ended May 31:

Amount Total sales revenue$1,600,000

Selling price per surfboard$400

Variable selling expense per surfboard$40

Variable administrative expense per surfboard$10

Total fixed selling expense$480,000

Total fixed administrative expense$450,000

Merchandise inventory, beginning balance$100,000

Merchandise inventory, ending balance$120,000

Merchandise purchases$360,000

Required:

Question 1. Draw a traditional income statement for the quarter ended May 31.

Question 2. Draw a contribution format income statement for the quarter ended May 31.

Question 3. What was the contribution toward fixed expenses and profits for each surfboard sold during the quarter?

Reference no: EM132700004

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