Solution-Prepare income statement with a functional format

Prepare income statement with a functional format for wynn

Reference no: EM132548004

Point 1: Wynn auto parts is a manufacturing company with sales of $800,000 for the fiscal year ended Oct 31,2010. Gross profit for the period was 42% of sales. Only 25% of the cost of goods sold is a fixed manufacturing cost.

Sales salaries are the only selling expenses. The sales force has total base salaries of $80,000. Commission for the year were an additional 4% of sales.

Administrative expenses for the year totaled $86,000. This included $57,000 of committed fixed cost and $29,000 of discretionary fixed costs.

Required:

Question 1. Prepare a income statement with a functional format for Wynn auto parts.

Question 2. Prepare a income statement with a contribution margin format for Wynn auto parts.

Reference no: EM132548004

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Prepare income statement with a functional format for wynn

Reference no: EM132548004

Reference no: EM132548004

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