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Question - An income statement for the company's Bed Liner Department for the most recent quarter is presented below:
The 4 × 4 Shop Income Statement - Liner Department for First Quarter of Current Year
Sales $700,000
Less: Cost of goods sold 250,000
Gross margin $450,000
Less: Operating expenses: Selling expenses $195,000
Administrative expenses 145,000 340,000
Net income $110,000
The liners sell, on average, for $350 each. The department's variable selling expenses are $35 per liner sold. The remaining selling expenses are fixed. The administrative expenses are 25% variable and 75% fixed. The company purchases its liners from a supplier at a cost of $125 per liner.
Required - Prepare an income statement for the quarter, using the contribution approach.
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