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 Amount $ 1,419,000 $ 430 $ 47 $ 18 $ 135,000 $ 125,000 $ 80,000 $ 120,000 $ 280,000 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? 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 Sales Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses Administrative expenses Selling expenses Net operating income 0 < 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 Amount $ 1,419,000 $ 430 $ 47 $ 18 $ 135,000 $ 125,000 $ 80,000 $ 120,000 $ 280,000 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? 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 Sales Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses Administrative expenses Selling expenses Net operating income 0 < 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 (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
Amount
$ 1,419,000
$ 430
$ 47
$ 18
$ 135,000
$ 125,000
$ 80,000
$ 120,000
$ 280,000
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?
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
Sales
Cost of goods sold
Gross margin
Selling and administrative expenses:
Selling expenses
Administrative expenses
Selling expenses
Net operating income
0
< Required 1
Required 2 >](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3e2f5791-21a3-4f0b-b959-aedbebe0e5fc%2F481de2f0-2994-4b94-80ca-4a05331ab424%2Frz1kcj_processed.png&w=3840&q=75)
Transcribed Image Text: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
Amount
$ 1,419,000
$ 430
$ 47
$ 18
$ 135,000
$ 125,000
$ 80,000
$ 120,000
$ 280,000
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?
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
Sales
Cost of goods sold
Gross margin
Selling and administrative expenses:
Selling expenses
Administrative expenses
Selling expenses
Net operating income
0
< Required 1
Required 2 >
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