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Question - The 4 x 4 Shop is a large retailer of equipment for pickup trucks. An income statement for the company's bed liner department for the most recent quarter is presented below:
The 4 x 4 Shop Income Statement--Liner Department For First Quarter of Current Year
Sales
$963,900
Cost of goods sold
332,100
Gross margin
631,800
Selling and administrative expenses:
Selling expenses
$194,000
Administrative expenses
143,000
337,000
Net operating income
294,800
The liners sell, on average, for $357 each. The department's variable selling expenses are $32 per liner sold. The remaining selling expenses are fixed. The administrative expenses are 31% variable and 69% fixed. The company purchases its liners from a supplier at a cost of $123 per liner.
Required: Prepare an income statement for the quarter, using the contribution approach.
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