The Alpine House, Incorporated, is a large retailer of snow skis. The company assembled the information shown below for the quarter ended March 31: Sales Selling price per pair of skis Variable selling expense per pair of skis Variable administrative expense per pair of skis Total fixed selling expense Total fixed administrative expense Beginning merchandise inventory Ending merchandise inventory Merchandise purchases 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? Required 1 Required 2 Amount $ 1,125,000 $ 450 $ 46 $ 18 Complete this question by entering your answers in the tabs below. Required 3 $ 155,000 $ 115,000 $ 65,000 $ 120,000 $ 305,000 < Required 2 What was the contribution margin per unit? (Round your final answer to nearest whole dollar.) Contribution margin per unit Required 3 > ||

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Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.