Fanelli Corporation, a merchandising company, reported the following results for July: Number of units sold 5,400 2$ 2$ 2$ Selling price per unit Unit cost of goods sold Variable selling expense per unit Total fixed selling expense Variable administrative expense per unit Total fixed administrative expense 590 406 58 $124,900 2$ $206,800 28 Cost of goods sold is a variable cost in this company. Required: a. Prepare a traditional format income statement for July. b. Prepare a contribution format income statement for July.

Cornerstones of Cost Management (Cornerstones Series)
4th Edition
ISBN:9781305970663
Author:Don R. Hansen, Maryanne M. Mowen
Publisher:Don R. Hansen, Maryanne M. Mowen
Chapter2: Basic Cost Management Concepts
Section: Chapter Questions
Problem 25E: Last year, Orsen Company produced 25,000 juicers and sold 26,500 juicers for 60 each. The actual...
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Complete this question by entering your answers in the tabs below.
Required A
Required B
Prepare a contribution format income statement for July.
Fanelli Corporation
For the month of July
Contribution Format Income Statement
Variable expenses:
Fixed expenses:
< Required A
Required B >
Transcribed Image Text:Complete this question by entering your answers in the tabs below. Required A Required B Prepare a contribution format income statement for July. Fanelli Corporation For the month of July Contribution Format Income Statement Variable expenses: Fixed expenses: < Required A Required B >
Fanelli Corporation, a merchandising company, reported the following results for July:
Number of units sold
5,400
$4
$
Selling price per unit
Unit cost of goods sold
Variable selling expense per unit
Total fixed selling expense
Variable administrative expense per unit
Total fixed administrative expense
590
406
58
$124,900
28
$206,800
Cost of goods sold is a variable cost in this company.
Required:
a. Prepare a traditional format income statement for July.
b. Prepare a contribution format income statement for July.
Complete this question by entering your answers in the tabs below.
Required A
Required B
Prepare a traditional format income statement for July.
Fanelli Corporation
For the month of July
Traditional Income Statement
Selling and administrative expenses:
Transcribed Image Text:Fanelli Corporation, a merchandising company, reported the following results for July: Number of units sold 5,400 $4 $ Selling price per unit Unit cost of goods sold Variable selling expense per unit Total fixed selling expense Variable administrative expense per unit Total fixed administrative expense 590 406 58 $124,900 28 $206,800 Cost of goods sold is a variable cost in this company. Required: a. Prepare a traditional format income statement for July. b. Prepare a contribution format income statement for July. Complete this question by entering your answers in the tabs below. Required A Required B Prepare a traditional format income statement for July. Fanelli Corporation For the month of July Traditional Income Statement Selling and administrative expenses:
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