Number of units sold Selling price per unit Unit cost of goods sold Variable selling expense per unit Total fixed selling expense Variable administrative expense per unit $ 24 Total fixed administrative expense 5,200 600 404 $ $ $ 54 $ 124,700 $206,600 Cost of goods sold is a variable cost in this company. Required: a. Prepare a traditional format income statement for July. b. Prepare a contribution format income statement for July.
Number of units sold Selling price per unit Unit cost of goods sold Variable selling expense per unit Total fixed selling expense Variable administrative expense per unit $ 24 Total fixed administrative expense 5,200 600 404 $ $ $ 54 $ 124,700 $206,600 Cost of goods sold is a variable cost in this company. Required: a. Prepare a traditional format income statement for July. b. Prepare a contribution format income statement for July.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Please do not give solution in image format thanku
![Fanelli Corporation, a merchandising company, reported the following results for July:
Number of units sold
5,200
$
600
$ 404
$ 54
Selling price per unit
Unit cost of goods sold
Variable selling expense per unit
Total fixed selling expense
Variable administrative expense per unit $ 24
Total fixed administrative expense
$ 124,700
$206,600
Cost of goods sold is a variable cost in this company.
Required:
a. Prepare a traditional format income statement for July.
b. Prepare a contribution format income statement for July.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff6dc60cf-2e6a-4ccb-8dac-75e867bb3dcb%2Fdc60dde1-f0e4-4fe3-88dc-d22243bb405a%2Fvp7lexg_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Fanelli Corporation, a merchandising company, reported the following results for July:
Number of units sold
5,200
$
600
$ 404
$ 54
Selling price per unit
Unit cost of goods sold
Variable selling expense per unit
Total fixed selling expense
Variable administrative expense per unit $ 24
Total fixed administrative expense
$ 124,700
$206,600
Cost of goods sold is a variable cost in this company.
Required:
a. Prepare a traditional format income statement for July.
b. Prepare a contribution format income statement for July.
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