Please do not give solution in image format thanku (Note: Frankel Ltd's income statement has been recast in the functional format common inthe United States. The British currency is the pound, denoted by £.)1. Using the high-low method, separate each mixed expense into variable and fixedelements. State the cost formula for each mixed expense.Variable CostVariable expenses:per unitper unitFixed expenses:Fixed CostFrankel Ltd.Contribution Format Income StatementFor the Month Ended June 30Y =Y=2. Redo the company's income statement at the 4,500-unit level of activity using the contribution format0Formula0++per unitper unit Sales in unitsSales revenueCost of goods soldFrankel Ltd.Comparative Income StatementsFor the Three Months Ended June 30AprilGross marginSelling and administrative expenses:Shipping expenseAdvertising expenseSalaries and commissionsInsurance expenseDepreciation expenseTotal selling and administrative expensesNet operating income (loss)3,000£ 420, 000168,000252,00044,00070,000107,0009,00042,000272,000£ (20,000)May3,750£ 525,000210,000315,00050,00070,000125,0009,00042,000296,000£ 19,000June4,500£ 630,000252,000378,00056,00070,000143,0009,00042,000320,000£ 58,000

Contribution margin statement is the one which is prepared by the entity for the purpose of…

Sales in units Frankel Ltd. Comparative Income Statements For the Three Months Ended June 30 April Sales revenue Cost of goods sold Gross margin Selling and administrative expenses: Shipping expense Advertising expense Salaries and commissions Insurance expense Depreciation expense Total selling and administrative expenses Net operating income (loss) 3,000 £ 420, 000 168,000 252,000 44,000 70,000 107,000 9,000 42,000 272,000 £ (20,000) May 3,750 £ 525,000 210,000 315,000 50,000 70,000 125,000 9,000 42,000 296,000 £ 19,000 June 4,500 £ 630,000 252,000 378,000 56,000 70,000 143,000 9,000 42,000 320,000 £ 58,000

Sales in units Frankel Ltd. Comparative Income Statements For the Three Months Ended June 30 April Sales revenue Cost of goods sold Gross margin Selling and administrative expenses: Shipping expense Advertising expense Salaries and commissions Insurance expense Depreciation expense Total selling and administrative expenses Net operating income (loss) 3,000 £ 420, 000 168,000 252,000 44,000 70,000 107,000 9,000 42,000 272,000 £ (20,000) May 3,750 £ 525,000 210,000 315,000 50,000 70,000 125,000 9,000 42,000 296,000 £ 19,000 June 4,500 £ 630,000 252,000 378,000 56,000 70,000 143,000 9,000 42,000 320,000 £ 58,000

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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