Todrick Company is a merchandiser that reported the following information based on 1,000 units sold: $ 300,000 $ Sales Beginning merchandise inventory Purchases 20,000 $ 200,000 $ Ending merchandise inventory Fixed selling expense Fixed administrative expense Variable selling expense Variable administrative expense Contribution margin Net operating income 7,000 $ 12,000 $ ? 15,000 ? 60,000 $ 18,000 Required: 1. Prepare a contribution format income statement. 2. Prepare a traditional format income statement.

Todrick Company is a merchandiser that reported the following information based on 1,000 units sold: $ 300,000 $ Sales Beginning merchandise inventory Purchases 20,000 $ 200,000 $ Ending merchandise inventory Fixed selling expense Fixed administrative expense Variable selling expense Variable administrative expense Contribution margin Net operating income 7,000 $ 12,000 $ ? 15,000 ? 60,000 $ 18,000 Required: 1. Prepare a contribution format income statement. 2. Prepare a traditional format income statement.

Name: Todrick Company is a merchandiser that reported the following informa
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Description: Todrick Company is a merchandiser that reported the following information based on 1,000 units sold:$ 300,000$SalesBeginning merchandise inventory20,000$ 200,000$PurchasesEnding merchandise inventoryFixed selling expenseFixed administrative expenseV

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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Todrick Company is a merchandiser that reported the following information based on 1,000 units sold: Sales $ 300,000 Beginning merchandise inventory $ 20,000 Purchases $ 200,000 Ending merchandise inventory $ 7,000 Fixed selling expense ?question mark Fixed administrative expense $ 12,000 Variable selling expense $ 15,000 Variable administrative expense ?question mark Contribution margin $ 60,000 Net operating income $ 18,000 3. Calculate the selling price per unit. 4. Calculate the variable cost per unit. 5. Calculate the contribution margin per unit.
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