Prepare a contribution income statement for month of june

Assignment Help Accounting Basics

Reference no: EM131967133

Problem

The books of Robin Williams Company, wholesalers of hand-held calculators, reflected the following revenues and expenses for various months during the year ended July 31, 2016.

May

June

July

Sales in units

Sales revenues

Cost of goods sold

Gross margin

Operating Expenses

Advertising

Commissions

Selling expenses

Operating income

24,000

$336,000

(60,000)

$ 276,000

(35,000)

(72,000)

(16,600)

$152,400

28,000

$392,000

(70,000)

$322,000

(35,000)

(84,000)

(18,600)

$ 184,400

22,000

$308,000

(55,000)

$253,000

(35,000)

(66,000)

(15,600)

$ 136,400

REQUIRED

Identify the above expenses as variable, fixed, or mixed.

Separate each mixed expense into variable and fixed expense by using the high-low methods. State the cost formula for each mixed expense.

Prepare a contribution income statement for the month of June.

Reference no: EM131967133

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