Todrick Company is a merchandiser that reported the following information based on 1,000 units sold: $ 360,000 24,000 $ 240,000 $ Sales Beginning merchandise inventory Purchases Ending merchandise inventory Fixed selling expense Fixed administrative expense Variable selling expense Variable administrative expense Contribution margin Net operating income 12,000 $ 14,400 18,000 72,000 21,600 $ Required: 1. Prepare a contribution format income statement. 2. Prepare a traditional format income statement. 3. Calculate the selling price per unit.

Todrick Company is a merchandiser that reported the following information based on 1,000 units sold: $ 360,000 24,000 $ 240,000 $ Sales Beginning merchandise inventory Purchases Ending merchandise inventory Fixed selling expense Fixed administrative expense Variable selling expense Variable administrative expense Contribution margin Net operating income 12,000 $ 14,400 18,000 72,000 21,600 $ Required: 1. Prepare a contribution format income statement. 2. Prepare a traditional format income statement. 3. Calculate the selling price per unit.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 2MC: The following information is available for Cooke Company for the current year: The gross margin is...

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Todrick Company is a merchandiser that reported the following information based on 1,000 units sold: Sales $ 375,000 Beginning merchandise inventory $ 25,000 Purchases $ 250,000 Ending merchandise inventory $ 12,500 Fixed selling expense ? Fixed administrative expense $ 15,000 Variable selling expense $ 18,750 Variable administrative expense ? Contribution margin $ 75,000 Net operating income $ 22,500 Required: 1. Prepare a contribution format income statement. 2. Prepare a traditional format income statement. 3. Calculate the selling price per unit. 4. Calculate the variable cost per unit. 5. Calculate the contribution margin per unit. 6. Which income statement format (traditional format or contribution format) would be more useful to managers in estimating how net operating income will change in response to changes in unit sales?
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