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Prepare naomi? traditional income statement

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Reference no: EM132965869

Naomi?'s Quilt Shoppe sells homemade Amish quilts. Naomi buys the quilts from local Amish artisans for $290 ?each, and her shop sells them for $490 each. She also pays a sales commission of 8?% of sales revenue to her sales staff. Naomi leases her? country-style shop for $1,300 per month and pays $1,800 per month in payroll costs in addition to the sales commissions. Naomi sold 95 quilts in February.

Problem 1: Prepare Naomi?'s traditional income statement and contribution margin income statement for the month.

Reference no: EM132965869

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