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Milden Company is a merchandiser that plans to sell 37,000 units during the next quarter at a selling price of $61 per unit. The company also gathered the following cost estimates for the next quarter: Cont Cost of good wold Advertising expense Sales commissions Shipping expense Administrative salaries Insurance expense Depreciation expense Cost Formula $ 31 per unit sold $ 181,000 per quarter. 61 of sales $ 63,000 per quartor+ $4.00 por unit sold $ 91,000 per quarter $ 10,100 per quarter $ 61,000 per quarter Required: 1. Prepare a contribution format income statement for the next quarter. 2. Prepare a traditional format income statement for the next quarter.

Milden Company is a merchandiser that plans to sell 37,000 units during the next quarter at a selling price of $61 per unit. The company also gathered the following cost estimates for the next quarter: Cont Cost of good wold Advertising expense Sales commissions Shipping expense Administrative salaries Insurance expense Depreciation expense Cost Formula $ 31 per unit sold $ 181,000 per quarter. 61 of sales $ 63,000 per quartor+ $4.00 por unit sold $ 91,000 per quarter $ 10,100 per quarter $ 61,000 per quarter Required: 1. Prepare a contribution format income statement for the next quarter. 2. Prepare a traditional format income statement for the next quarter.

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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Milden Company is a merchandiser that plans to sell 37,000 units during the next quarter at a selling price of $61 per unit. The company also gathered the following cost estimates for the next quarter: Cont Cost of good wold Advertising expense Sales commissions Shipping expense Administrative salaries Insurance expense Depreciation expense Cost Formula Required 1 $ 31 per unit sold $ 181,000 per quarter 61 of sales Required: 1. Prepare a contribution format Income statement for the next quarter. 2. Prepare a traditional format income statement for the next quarter. Required 2 $ 63,000 per quarter + $4.00 per unit sold $91,000 per quarter $10,100 per quarter $61,000 per quarter Complete this question by entering your answers in the tabs below. DROPSKE contribution format income statement for the next quarter.
Transcribed Image Text:Milden Company is a merchandiser that plans to sell 37,000 units during the next quarter at a selling price of $61 per unit. The company also gathered the following cost estimates for the next quarter: Cont Cost of good wold Advertising expense Sales commissions Shipping expense Administrative salaries Insurance expense Depreciation expense Cost Formula Required 1 $ 31 per unit sold $ 181,000 per quarter 61 of sales Required: 1. Prepare a contribution format Income statement for the next quarter. 2. Prepare a traditional format income statement for the next quarter. Required 2 $ 63,000 per quarter + $4.00 per unit sold $91,000 per quarter $10,100 per quarter $61,000 per quarter Complete this question by entering your answers in the tabs below. DROPSKE contribution format income statement for the next quarter.
Sales Variable expenses: Milden Company Contribution Format Income Statement For the Next Quarter Total variable expenses Contribution margin Fixed expenses: Total fixed expenses <Required 1 Milden Company Traditional Format Income Statement For the Next Quarter Selling and administrative expenses: Prepare a traditional format income statement for the next quarter. Total selling and administrative expenses 0 < Required 1 0 Required 2 0 Required 2
Transcribed Image Text:Sales Variable expenses: Milden Company Contribution Format Income Statement For the Next Quarter Total variable expenses Contribution margin Fixed expenses: Total fixed expenses <Required 1 Milden Company Traditional Format Income Statement For the Next Quarter Selling and administrative expenses: Prepare a traditional format income statement for the next quarter. Total selling and administrative expenses 0 < Required 1 0 Required 2 0 Required 2
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