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Prepare a contribution format income statement for january

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Assignment

J Bryant, Ltd. is a local coat retailer. The store's accountant prepared the following income statement for the month ended January 31.

Sales revenue

779,000

Cost of goods sold

334,500

Gross margin

444,500

Less operating expenses

Selling expense

24,720

Administrative expense

51,100

75,820

Net operating income

368,680

Bryant sells its coats for $250 each. Selling expenses consist of fixed costs plus a commission of $6.50 per coat. Administrative expenses consist of fixed costs plus a variable component equal to 5% of sales.

Prepare a contribution format income statement for January.

Reference no: EM131447846

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