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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.

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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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.
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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