Reference no: EM131267717
Haaki Shop, Inc., is a large retailer of surfboards. The company assembled the information shown below for the quarter ended May 31:
Total sales revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . $800,000
Selling price per surfboard . . . . . . . . . . . . . . . . . . . . . . . $400
Variable selling expense per surfboard . . . . . . . . . . . . $50
Variable administrative expense per surfboard . . . . . . $20
Total fi xed selling expense . . . . . . . . . . . . . . . . . . . . . . $150,000
Total fi xed administrative expense . . . . . . . . . . . . . . . . $120,000
Merchandise inventory, beginning balance . . . . . . . . . $80,000
Merchandise inventory, ending balance . . . . . . . . . . . . $100,000
Merchandise purchases . . . . . . . . . . . . . . . . . . . . . . . . $320,000
Prepare a traditional income statement for the quarter ended May 31. 2.
Prepare a contribution format income statement for the quarter ended May 31. 3.
What was the contribution toward fixed expenses and profits for each surfboard sold during the quarter? (State this figure in a single dollar amount per surfboard.)
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: Haaki Shop, Inc., is a large retailer of surfboards. The company assembled the information shown below for the quarter ended May 31: Prepare a traditional income statement for the quarter ended May 31. 2. prepare a contribution format income statemen..
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