Use the February information from the Work Together above. An income statement for Wightman Lumber is included in the Working Papers. Work independently to complete this problem.

1, Prepare Wightman Lumber's February income statement reporting contribution margin.

Data from Work Together 

A blank income statement for Wightman’s Lumber is included in the Working Papers. Your instructor will guide you through the following examples.
1. Use the following information to prepare Wightman Lumber’s January income statement reporting contribution margin. The February information will be used to complete the On Your Own below.

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Net Sales Unit Sales Price Cost of Merchandise Sold Selling Expenses: Sales Commission Delivery Cost Other Variable Selling Expenses Other Fixed Selling Expenses January 52,000 square feet $7.50 per square foot $4.60 per square foot $7,120.00 February 47,000 square feet $7.50 per square foot $4.80 per square foot $.32 per square foot $.50 per square foot $.35 per square foot $.32 per square foot $.55 per square foot $.35 per square foot $7,120.00 Administrative Expenses: Rent $3,800.00 $3,800.00 Insurance $450.00 $450.00 Other Variable Administrative Expenses $.30 per square foot $.33 per square foot Other Fixed Administrative Expenses $12,540.00 $12,540.00