Solution-Prepare traditional and contribution margin income

Prepare traditional and contribution margin income statement

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Reference no: EM132507100

Prepare traditional and contribution margin income statements

The Willowick Ice Cream Shoppe sold 8,700 servings of ice cream during June for $3 per serving. The shop purchases the ice cream in large tubs from the Deluxe Ice Cream Company. Each tub costs the shop $12 and has enough ice cream to ?ll 30 ice cream cones. The shop purchases the ice cream cones for $0.25 each from a local < warehouse club. Located in an outdoor mall, the rent for the shop space is $1,600 per month. The shop expenses $200 a month for the depreciation of the shop's furniture and equipment. During June, the shop incurred an additional $2,600 of other operating expenses (75% of these were fixed costs).

Requirements

Question 1. Prepare The Willowick Ice Cream Shoppe's June income statement using a traditional format.

Question 2. Prepare The Willowick Ice Cream Shoppe's June income statement using a contribution margin format

Reference no: EM132507100

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Prepare traditional and contribution margin income statement

Reference no: EM132507100

Reference no: EM132507100

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