Reference no: EM133006730
Question - Fanelli Corporation, a merchandising company, reported the following results for July:
Number of units sold 5,500
Selling price per unit $600
Unit cost of goods sold $407
Variable selling expense per unit $60
Total fixed selling expense $125,000
Variable administrative expense per unit $30
Total fixed administrative expense $206,900
Cost of goods sold is a variable cost in this company.
Required -
a. Prepare a traditional format income statement for July.
b. Prepare a contribution format income statement for July.
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: Fanelli Corporation, a merchandising company, reported the following results for July: Prepare a contribution format income statement for July
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