Required: 1. Prepare a traditional income statement for the quarter ended March 31. 2. Prepare a contribution format income statement for the quarter ended March 31. 3. What was the contribution margin per unit?
Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
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The Alpine House, Incorporated, is a large retailer of snow skis. The company
assembled the information shown below for the quarter ended March 31:
Amount
Sales
$ 960,000
Selling price per pair of skis
$ 400
Variable selling expense per pair of skis
$ 50
Variable administrative expense per pair of skis
$ 16
Total fixed selling expense
$ 155,000
Total fixed administrative expense
$ 110,000
Beginning merchandise inventory
$ 70,000
Ending merchandise inventory
$ 105,000
Merchandise purchases
$ 320,000
Required:
1. Prepare a traditional income statement for the quarter ended March 31.
2. Prepare a contribution format income statement for the quarter ended March
31.
3. What was the contribution margin per unit?"
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