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Question - The income statement for Big Franks Bicycle Emporium for the month just ended is as follows:
Sales 300,000
Cost of goods sold 140,000
Gross margin 160,000
Less operating expenses Selling expenses 40,000
Depreciation 25,000
Admin expenses 65,000
Total operating expenses 130,000
Net income 30,000
Additional information -
1. On average Frank sells his bikes for $300 each.
2. The sales department has variable expenses of $12 per bike sold.
3. Depreciation expense is unaffected by changes in the sales level.
4. Admin costs are 70% fixed and 30% variable.
Required - Make an income statement for the month just ended using the contribution margin approach.
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