Reference no: EM133122012

Question - Winter Leisure is a retailer of snowboards. The Information below is for the quarter ended December 31:

Amount

Total sales revenue $1,600,000

Selling price per snowboard $800

Variable selling expense per snowboard $100

Variable administrative expense per snowboard $40

Total fixed selling expense $200,000

Total fixed administrative expense $240,000

Merchandise inventory, beginning balance $60,000

Merchandise inventory, ending balance $90,000

Merchandise purchases 640,000

Required - Prepare a traditional Income statement for the quarter ended December 31.