The Alpine House, Incorporated, is a large retailer of snow skis. The company assembled the information shown below for the quarter ended March 31: Sales Selling price per pair of skis Variable selling expense per pair of skis Variable administrative expense per pair of skis Total fixed selling expense Total fixed administrative expense Beginning merchandise inventory Ending merchandise inventory Merchandise purchases Amount $ 946,000 $ 430 $ 46 $ 15 $ 150,000 $ 115,000 $ 80,000 $ 115,000 $ 290,000 Required: 1. Prepare a traditional income statement for the quarter ended March 31. 2. Prepare a contribution format income statement for the quarter ended March 31. 3. What was the contribution margin per unit?

The Alpine House, Incorporated, is a large retailer of snow skis. The company assembled the information shown below for the quarter ended March 31: Sales Selling price per pair of skis Variable selling expense per pair of skis Variable administrative expense per pair of skis Total fixed selling expense Total fixed administrative expense Beginning merchandise inventory Ending merchandise inventory Merchandise purchases Amount $ 946,000 $ 430 $ 46 $ 15 $ 150,000 $ 115,000 $ 80,000 $ 115,000 $ 290,000 Required: 1. Prepare a traditional income statement for the quarter ended March 31. 2. Prepare a contribution format income statement for the quarter ended March 31. 3. What was the contribution margin per unit?

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter16: Financial Statements And Closing Entries For A Corporation

Section16.1: Preparing An Income Statement

Problem 1WT

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The Alpine House, Inc., is a large retailer of snow skis. The company assembled the information shown below for the quarter ended March 31: amount Sales 1408000 Selling price per pair of skis 440 Variable selling expense per pair of skis 45 Variable administrative expense per pair of skis 20 Total fixed selling expense 135000 Total fixed administrative expense 100000 Beginning merchandise inventory 70000 Ending merchandise inventory 120000 Merchandise purchases 305000 1. Prepare a traditional income statement for the quarter ended March 31. The Alpine House, Inc. Traditional Income Statement Sales Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses Administrative expenses 0 Net operating income 2. Prepare a contribution format income statement for the quarter ended March 31. The Alpine House, Inc. Contribution…
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The Alpine House, Inc., is a large retailer of snow skis. The company assembled the information shown below for the quarter ended March 31: Amount Total sales revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $150,000 Selling price per pair of skis . . . . . . . . . . . . . . . . . . . . . . . $750 Variable selling expense per pair of skis . . . . . . . . . . . . . $50 Variable administrative expense per pair of skis . . . . . . . $10 Total fixed selling expense . . . . . . . . . . . . . . . . . . . . . . . . $20,000 Total fixed administrative expense . . . . . . . . . . . . . . . . . . $20,000 Beginning merchandise inventory . . . . . . . . . . . . . . . . . . $30,000 Ending merchandise inventory . . . . . . . . . . . . . . . . . . . . . $40,000 Merchandise purchases . . . . . . . . . . . . . . . . . . . . . . . . . . $100,000 Required: Prepare a traditional income statement for the quarter ended March 31. Prepare a contribution format income statement for the…
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