Winter Leisure is a retailer of snowboards. The information below is for the quarter ended December 31: Amount $924,000 Total sales revenue Selling price per snowboard Variable selling expense per snowboard Variable administrative expense per snowboard Total fixed selling expense Total fixed administrative expense Merchandise inventory, beginning balance Merchandise inventory, ending balance Merchandise purchases Winter Leisure Operating income Required: 1. Prepare a traditional income statement for the quarter ended December 31. Traditional Income Statement Quarter ended December 31 Sales Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses Administrative expenses $ 3,200 202,000 $924,000 286,000 638,000 $ $ $ 205,200 420 50 20 $210,000 $180,000 $ 82,000 $102,000 $306,000
Winter Leisure is a retailer of snowboards. The information below is for the quarter ended December 31: Amount $924,000 Total sales revenue Selling price per snowboard Variable selling expense per snowboard Variable administrative expense per snowboard Total fixed selling expense Total fixed administrative expense Merchandise inventory, beginning balance Merchandise inventory, ending balance Merchandise purchases Winter Leisure Operating income Required: 1. Prepare a traditional income statement for the quarter ended December 31. Traditional Income Statement Quarter ended December 31 Sales Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses Administrative expenses $ 3,200 202,000 $924,000 286,000 638,000 $ $ $ 205,200 420 50 20 $210,000 $180,000 $ 82,000 $102,000 $306,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Topic Video
Question
6
![Winter Leisure is a retailer of snowboards. The information below is for the quarter ended December 31:
Amount
$924,000
Total sales revenue
Selling price per snowboard
Variable selling expense per snowboard
Variable administrative expense per snowboard
Total fixed selling expense
Total fixed administrative expense
Merchandise inventory, beginning balance
Merchandise inventory, ending balance
Merchandise purchases
Winter Leisure
Traditional Income Statement
Quarter ended December 31
Sales
Cost of goods sold
Gross margin
Selling and administrative expenses:
Selling expenses
Administrative expenses
Operating income
Required:
1. Prepare a traditional income statement for the quarter ended December 31.
$
3,200
202,000
$924,000
286,000
638,000
$
$
$
205,200
420
50
20
$210,000
$180,000
$ 82,000
$102,000
$306,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb8642e14-9317-4706-8b2f-9b030839e1d9%2F8737ef19-c3ad-49e8-8e14-9880634cc341%2F5mxk2we_processed.png&w=3840&q=75)
Transcribed Image Text:Winter Leisure is a retailer of snowboards. The information below is for the quarter ended December 31:
Amount
$924,000
Total sales revenue
Selling price per snowboard
Variable selling expense per snowboard
Variable administrative expense per snowboard
Total fixed selling expense
Total fixed administrative expense
Merchandise inventory, beginning balance
Merchandise inventory, ending balance
Merchandise purchases
Winter Leisure
Traditional Income Statement
Quarter ended December 31
Sales
Cost of goods sold
Gross margin
Selling and administrative expenses:
Selling expenses
Administrative expenses
Operating income
Required:
1. Prepare a traditional income statement for the quarter ended December 31.
$
3,200
202,000
$924,000
286,000
638,000
$
$
$
205,200
420
50
20
$210,000
$180,000
$ 82,000
$102,000
$306,000
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