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Prepare a traditional income statement

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Reference no: EM133110122

Question - Quince Products is a merchandiser that sells specialty fruit jams. The following information is provided by Quince Products.

Amount

Number of Units Sold 11,000

Selling Price per unit $16

Variable selling expense per unit $1

Variable administrative expense per unit $2

Total fixed selling expense $19,000

Total fixed administrative expense $15,000

Beginning merchandise inventory $10.000

Ending merchandise inventory $26,000

Merchandise purchases $85,000

Required - Prepare a traditional income statement and a contribution format income statement. Sales = $176,000.

Reference no: EM133110122

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