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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

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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
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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