Fletcher Corporation prepared the following income statement for the fourth quarter in 2018. Sales revenue (30,000 units) Less: Costs of goods sold Gross margin Less: Selling & administrative expenses Net income $930,000 586,600 Sales revenue Less: Variable costs Cost of goods sold Sales commission Contribution margin Less: Fixed costs 343,400 184,600 Fletcher's annual fixed manufacturing expenses, incurred uniformly each quarter, amount to $834,400; it also pays a sales commission of $2 per unit to its sales personnel. $ 158,800 Required: Prepare a contribution margin income statement for the fourth quarter in 2018. (Round "Per-unit dollars" to 2 decimal places and "Percentages of sales" to 1 decimal place.) Cost of goods sold Selling & administrative expenses FLETCHER CORPORATION Contribution Margin Income Statement For the Fourth Quarter in 2018 $ $ 0 $ 0 0.00 % % 0.0 %
Fletcher Corporation prepared the following income statement for the fourth quarter in 2018. Sales revenue (30,000 units) Less: Costs of goods sold Gross margin Less: Selling & administrative expenses Net income $930,000 586,600 Sales revenue Less: Variable costs Cost of goods sold Sales commission Contribution margin Less: Fixed costs 343,400 184,600 Fletcher's annual fixed manufacturing expenses, incurred uniformly each quarter, amount to $834,400; it also pays a sales commission of $2 per unit to its sales personnel. $ 158,800 Required: Prepare a contribution margin income statement for the fourth quarter in 2018. (Round "Per-unit dollars" to 2 decimal places and "Percentages of sales" to 1 decimal place.) Cost of goods sold Selling & administrative expenses FLETCHER CORPORATION Contribution Margin Income Statement For the Fourth Quarter in 2018 $ $ 0 $ 0 0.00 % % 0.0 %
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Fletcher Corporation prepared the following income statement for the fourth quarter in
2018.
Sales revenue (30,000 units)
Less: Costs of goods sold
Gross margin
Less: Selling & administrative
expenses
Net income
Sales revenue
Less: Variable costs
$930,000
586,600
Fletcher's annual fixed manufacturing expenses, incurred uniformly each quarter, amount
to $834,400; it also pays a sales commission of $2 per unit to its sales personnel.
Cost of goods sold
Sales commission
Contribution margin
Less: Fixed costs
343,400
184,600
Required:
Prepare a contribution margin income statement for the fourth quarter in 2018. (Round
"Per-unit dollars" to 2 decimal places and "Percentages of sales" to 1 decimal place.)
$ 158,800
Cost of goods sold
Selling & administrative expenses
FLETCHER CORPORATION
Contribution Margin Income Statement
For the Fourth Quarter in 2018
$
$
0 $
0
0.00
%
%
0.0 %
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