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EXERCISE 1-15 Traditional and Contribution Format Income Statements L01-6 IT

EXERCISE 1-15 Traditional and Contribution Format Income Statements L01-6 IT

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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?
Transcribed Image Text: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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