Prepare a contribution format income statement. Todrick Company Contribution Format Income Statement Sales Variable expenses: Cost of goods sold Selling expense Administrative expense Contribution margin Fixed expenses: $ 213,000 15,000 12,000 Selling expense $ 30,000 Administrative expense 12,000 Net operating income $ 300,000 240,000 60,000 42,000 $ 18,000

Prepare a contribution format income statement. Todrick Company Contribution Format Income Statement Sales Variable expenses: Cost of goods sold Selling expense Administrative expense Contribution margin Fixed expenses: $ 213,000 15,000 12,000 Selling expense $ 30,000 Administrative expense 12,000 Net operating income $ 300,000 240,000 60,000 42,000 $ 18,000

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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Sales	$ 300,000
Beginning merchandise inventory	$ 20,000
Purchases	$ 200,000
Ending merchandise inventory	$ 7,000
Fixed selling expense	?question mark
Fixed administrative expense	$ 12,000
Variable selling expense	$ 15,000
Variable administrative expense	?question mark
Contribution margin	$ 60,000
Net operating income	$ 18,000

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Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement. I cannot for the life of me figure out the second portion of this.
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