The Crane Company sells sports decals that can be personalized with a player's name, team name, and jersey number for $16 each. Crane buys the decals from a supplier for $9 each and spends an additional $3 in variable operating costs per decal. The results of last month's operations are as follows: Sales revenue Cost of goods sold Gross profit Operating expense Operating income $ 36,000 20.250 15.750 8.000 $ 7.750 Prepare a contribution format income statement for the Crane Company
The Crane Company sells sports decals that can be personalized with a player's name, team name, and jersey number for $16 each. Crane buys the decals from a supplier for $9 each and spends an additional $3 in variable operating costs per decal. The results of last month's operations are as follows: Sales revenue Cost of goods sold Gross profit Operating expense Operating income $ 36,000 20.250 15.750 8.000 $ 7.750 Prepare a contribution format income statement for the Crane Company
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please help me with correct answer and show calculation thanku
Transcribed Image Text:Sales Revenue
Variable Expenses
Cost of Goods Sold
Operating Expenses
Total Variable Expenses
Contribution Margin
Fixed Operating Experos
Operating Income
V
20250
8000
36000
0000
28250
7750
8000
(250)
$
$
Per Unit
12
16.
d
4
Transcribed Image Text:The Crane Company sells sports decals that can be personalized with a player's name, team name, and jersey number for $16 each. Crane buys the decals from a supplier for $9
each and spends an additional $3 in variable operating costs per decal. The results of last month's operations are as follows:
Sales revenue
Cost of goods sold
Gross profit
Operating expense
Operating income
$ 36,000
20,250
15,750
8,000
$ 7.750
Prepare a contribution format income statement for the Crane Company
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