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Whitman Corporation, a merchandising company, reported sales of 7,600 units for May at a selling price of $700 per unit. The cost of goods sold was $484 per unit and the variable selling expense was $58 per unit. The total fixed selling expense was $165,100. The variable administrative expense was $30 per unit and the total fixed administrative expense was $375,100.
a. Prepare a contribution format income statement for May.
b.Prepare a traditional format income statement for May.
the following transactions adjusting entries and closing entries were completed by king furniture co. during a
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