The Fredbear Company reported the following results for July: Selling price per unit $650 Number of units sold 4,200 Unit cost of goods sold $455 Total fixed selling expense $132,200 Total fixed admin expense $195,800 Variable admin expense per unit $25 Variable selling expenses per unit $61 Required: a) Prepare a traditional format income statement for July. b) Prepare a contribution format income statement for July

The Fredbear Company reported the following results for July: Selling price per unit $650 Number of units sold 4,200 Unit cost of goods sold $455 Total fixed selling expense $132,200 Total fixed admin expense $195,800 Variable admin expense per unit $25 Variable selling expenses per unit $61 Required: a) Prepare a traditional format income statement for July. b) Prepare a contribution format income statement for July

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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