i need the answer quickly Exercise 1-15 (Algo) Traditional and Contribution Format Income Statements [LO1-6]The Alpine House, Incorporated, is a large retailer of snow skis. The company assembled the information shown below for the quarterended March 31:SalesSelling price per pair of skisVariable selling expense per pair of skisVariable administrative expense per pair of skisTotal fixed selling expenseTotal fixed administrative expenseBeginning merchandise inventoryEnding merchandise inventoryMerchandise purchasesRequired:Amount$ 1,247,000$ 430$ 461. Prepare a traditional income statement for the quarter ended March 31.$ 15$ 135,000$ 100,000$ 60,000$ 100,000$ 295,0002. Prepare a contribution format income statement for the quarter ended March 31.3. What was the contribution margin per unit?Complete this question by entering your answers in the tabs below.Required 1Required 2Required 3Prepare a traditional income statement for the quarter ended March 31.The Alpine House, IncorporatedTraditional Income StatementSelling and administrative expenses:0< Required 1Required 2 >

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Description: i need the answer quickly Exercise 1-15 (Algo) Traditional and Contribution Format Income Statements [LO1-6]The Alpine House, Incorporated, is a large retailer of snow skis. The company assembled the information shown below for the quarterended March

The income statement can be prepared using various methods as variable and absorption costing. The…

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Exercise 1-15 (Algo) Traditional and Contribution Format Income Statements [LO1-6] The Alpine House, Incorporated, is a large retailer of snow skis. The company assembled the information shown below for the quarter ended March 31: Sales Selling price per pair of skis Variable selling expense per pair of skis Variable administrative expense per pair of skis Total fixed selling expense Total fixed administrative expense Beginning merchandise inventory Ending merchandise inventory Merchandise purchases Required: Amount $ 1,247,000 $ 430 $ 46 $ 15 1. Prepare a traditional income statement for the quarter ended March 31. $ 135,000 $ 100,000 $ 60,000 $ 100,000 $ 295,000 2. Prepare a contribution format income statement for the quarter ended March 31. 3. What was the contribution margin per unit? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare a traditional income statement for the quarter ended March 31. The Alpine House, Incorporated Traditional Income Statement Selling and administrative expenses: Required 1 Required 2 >

Exercise 1-15 (Algo) Traditional and Contribution Format Income Statements [LO1-6] The Alpine House, Incorporated, is a large retailer of snow skis. The company assembled the information shown below for the quarter ended March 31: Sales Selling price per pair of skis Variable selling expense per pair of skis Variable administrative expense per pair of skis Total fixed selling expense Total fixed administrative expense Beginning merchandise inventory Ending merchandise inventory Merchandise purchases Required: Amount $ 1,247,000 $ 430 $ 46 $ 15 1. Prepare a traditional income statement for the quarter ended March 31. $ 135,000 $ 100,000 $ 60,000 $ 100,000 $ 295,000 2. Prepare a contribution format income statement for the quarter ended March 31. 3. What was the contribution margin per unit? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare a traditional income statement for the quarter ended March 31. The Alpine House, Incorporated Traditional Income Statement Selling and administrative expenses: Required 1 Required 2 >

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter16: Financial Statements And Closing Entries For A Corporation

Section16.1: Preparing An Income Statement

Problem 1WT

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EXERCISE 1-15 Traditional and Contribution Format Income Statements L01-6 The Alpine House, Inc., is a large retailer of snow skis. The company assembled the information shown below for the quarter ended March 31: Sales.. Selling price per pair of skis. Variable selling expense per pair of skis Variable administrative expense per pair of skis Total fixed selling expense.. Total fixed administrative expense Beginning merchandise inventory. Ending merchandise inventory Merchandise purchases ..... .. Amount $150,000 $750 $50 $10 $20,000 $20,000 $30,000 $40,000 $100,000 Required: 1. Prepare a traditional income statement for the quarter ended March 31. 2. Prepare a contribution format income statement for the quarter ended March 31. 3. What was the contribution margin per unit?
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Sales Selling price per pair of skis Variable selling expense per pair of skis Variable administrative expense per pair of skis Total fixed selling expense Total fixed administrative expense Beginning merchandise inventory Ending merchandise inventory Merchandise purchases Required: 1. Prepare a traditional income statement for the quarter ended March 31. 2. Prepare a contribution format income statement for the quarter ended March 31. 3. What was the contribution margin per unit? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a traditional income statement for the quarter ended March 31. The Alpine House, Incorporated Traditional Income Statement 138 25 Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses Administrative expenses 1 Required 3 Net operating income $ 1,470,000 $ 420 49 $16 $ 135,000 $ 110,000 HON 1.470 000 $ 65,000 $ 115,000 $ 320,000 0
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Problem 1-19 (Algo) Traditional and Contribution Format Income Statements [LO1-6] Todrick Company is a merchandiser that reported the following information based on 1,000 units sold: Sales $ 240,000 $ 16,000 Beginning merchandise inventory Purchases Ending merchandise inventory Fixed selling expense Fixed administrative expense Variable selling expense Variable administrative expense Contribution margin Net operating income Required: 1. Prepare a contribution format income statement. 2. Prepare a traditional format income statement. 3. Calculate the selling price per unit. 4. Calculate the variable cost per unit. 5. Calculate the contribution margin per unit. 6. Which income statement format (traditional format or contribution format) would be more useful to managers in estimating how net operating income will change in response to changes in unit sales? Req 1 Complete this question by entering your answers in the tabs below. Req 2 Variable expenses: Fixed expenses: $ 160,000 $8,000…
Prepare a contribution format income statement
Exercise 1-6 (Algo) Traditional and Contribution Format Income Statements [LO1-6] Cherokee Incorporated is a merchandiser that provided the following information: Number of units sold Selling price per unit Variable selling expense per unit Variable administrative expense per unit Total fixed selling expense Total fixed administrative expense Beginning merchandise inventory Ending merchandise inventory Merchandise purchases Amount 12,000 $ 16 $2 $3 $ 20,000 $ 14,000 $ 10,000 $ 23,000 $ 87,000
The Alpine House, Incorporated, is a large retailer of snow skis. The company assembled the information shown below for the quarter ended March 31: Sales Selling price per pair of skis Variable selling expense per pair of skis Variable administrative expense per pair of skis Total fixed selling expense Total fixed administrative expense Beginning merchandise inventory Ending merchandise inventory Merchandise purchases Required 1 Required 2 Required: 1. Prepare a traditional income statement for the quarter ended March 31. 2. Prepare a contribution format income statement for the quarter ended March 31. 3. What was the contribution margin per unit? Amount $ 1,540,000 $ 440 $ 48 Complete this question by entering your answers in the tabs below. Required 3 What was the contribution margin per unit? Note: Round your final answer to nearest whole dollar. Contribution margin per unit $ 17 $ 130,000 $ 115,000 $ 65,000 $ 120,000 $ 305,000
MERCHANDISING TRANSACTIONS
Required information [The following information applies to the questions displayed below.] Vitamix reports the following information for its year ended December 31: Cash sales Sales on credit General and administrative expenses Sales returns cost of goods sold Sales discounts Selling expenses Use the above information to prepare the gross profit section of a multiple-step income statement. VITAMIX $ 88,000 118,000 31,000 13,800 87,000 4,800 52,000 Income Statement For Year Ended December 31 $ 0 0 0