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Make a traditional income statement for the quarter

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Reference no: EM132658362

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

Selling price per surfboard

Variable selling expense per surfboard Variable administrative expense per surfboard

Total fixed selling expense

Total fixed administrative expense

Merchandise inventory, beginning balance Merchandise inventory, ending balance

Merchandise purchases

000

$1,296,000

$        360

$            40

$          10

$ 350,000 $ 320,000 $ 96,000

$ 116,000

$ 362,000

Question 1: What was the contribution toward fixed expenses and profits for each surfboard sold during the quarter?

Question 2: Prepare a traditional income statement for the quarter ended May 31.

Reference no: EM132658362

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