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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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
Transcribed Image Text: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
alling
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