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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: 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 Amount $ 1,160,000 $ 400 $ 47 $ 20 $ 145,000 $ 105,000 $ 65,000 $ 115,000 $ 290,000 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?

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 Amount $ 1,160,000 $ 400 $ 47 $ 20 $ 145,000 $ 105,000 $ 65,000 $ 115,000 $ 290,000 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?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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: Sales Selling price per pair of skin Variable selling expense per pair of akis Variable administrative expense per pair of skis Total fixed selling expense Total fixed administrative expense Beginning merchandise inventory Ending merchandise inventory Merchandise purchases Amount $ 1,160,000 $ 400 $ 47 $ 20 $ 145,000 $ 105,000 $ 65,000 $ 115,000 $ 290,000 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?
Transcribed Image Text: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 skin Variable selling expense per pair of akis Variable administrative expense per pair of skis Total fixed selling expense Total fixed administrative expense Beginning merchandise inventory Ending merchandise inventory Merchandise purchases Amount $ 1,160,000 $ 400 $ 47 $ 20 $ 145,000 $ 105,000 $ 65,000 $ 115,000 $ 290,000 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?
Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a traditional income statement for the quarter ended March 31. The Alpine House, Incorporated Traditional Income Statement Sales Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses Administrative expenses Net operating income Required 1 Required 2 Required 3 Sales Variable expenses: Cost of goods sold Selling expenses Administrative expenses Contribution margin Fixed expenses: 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? Selling expenses Administrative expenses Complete this question by entering your answers in the tabs below. Net operating income $ (147,947) (163,000) Required 3. Prepare a contribution format income statement for the quarter ended March 31. The Alpine House, Incorporated Contribution Format Income Statement < Required 1 $ $ Required 1 Required 2 Required 3 1,160,000 240,000 920,000 (310,947) 609,053 What was the contribution margin per unit? Note: Round your final answer to nearest whole dollar Contribution margin per unit Required 2 > < Required 2 0 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? 0 Complete this question by entering your answers in the tabs below. Required 3 >
Transcribed Image Text:Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a traditional income statement for the quarter ended March 31. The Alpine House, Incorporated Traditional Income Statement Sales Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses Administrative expenses Net operating income Required 1 Required 2 Required 3 Sales Variable expenses: Cost of goods sold Selling expenses Administrative expenses Contribution margin Fixed expenses: 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? Selling expenses Administrative expenses Complete this question by entering your answers in the tabs below. Net operating income $ (147,947) (163,000) Required 3. Prepare a contribution format income statement for the quarter ended March 31. The Alpine House, Incorporated Contribution Format Income Statement < Required 1 $ $ Required 1 Required 2 Required 3 1,160,000 240,000 920,000 (310,947) 609,053 What was the contribution margin per unit? Note: Round your final answer to nearest whole dollar Contribution margin per unit Required 2 > < Required 2 0 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? 0 Complete this question by entering your answers in the tabs below. Required 3 >
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