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3. value: 5.78 points Exercise 1-5 Traditional and Contribution Format Income Statements [LO5] Redhawk, Inc., is a merchandiser that provided the following information: Number of
3.
value: 5.78 points
Exercise 1-5 Traditional and Contribution Format Income Statements [LO5]
Redhawk, Inc., is a merchandiser that provided the following information: |
Number of units sold | 12,000 | |
Selling price per unit | $ | 17 |
Variable selling expense per unit | $ | 2 |
Variable administrative expense per unit | $ | 1.0 |
Total fixed selling expense | $ | 20,000 |
Total fixed administrative expense | $ | 14,000 |
Merchandise inventory, beginning balance | $ | 11,000 |
Merchandise inventory, ending balance | $ | 22,000 |
Merchandise purchases | $ | 87,000 |
Required: | |
1. | Prepare a traditional income statement. (Input all amounts as positive values except losses which should be indicated by a minus sign.) |
Redhawk, Inc. Traditional Income Statement | ||
(Click to select)Merchandise purchasesSalesMerchandise inventory, beginning balanceMerchandise inventory, ending balanceCost of goods sold | $ | |
(Click to select)Cost of goods soldMerchandise inventory, ending balanceMerchandise inventory, beginning balanceSalesMerchandise purchases | ||
(Click to select)Net operating incomeNet operating lossContribution marginGross margin | ||
Selling and administrative expenses: | ||
(Click to select)Merchandise purchasesSalesSelling expensesCost of goods soldAdministrative expenses | $ | |
(Click to select)Administrative expensesCost of goods soldSelling expensesSalesMerchandise purchases | ||
(Click to select)Net operating incomeGross marginContribution marginNet operating loss | $ | |
2. | Prepare a contribution format income statement. (Input all amounts as positive values except losses which should be indicated by a minus sign.) |
Redhawk, Inc. Contribution Format Income Statement | ||
(Click to select)Administrative expensesInsuranceCost of goods soldSalesSelling expenses | $ | |
Variable expenses: | ||
(Click to select)Administrative expensesSelling expensesInsuranceSalesCost of goods sold | $ | |
(Click to select)Cost of goods soldAdministrative expensesInsuranceSalesSelling expenses | ||
(Click to select)Selling expensesInsuranceSalesCost of goods soldAdministrative expenses | ||
(Click to select)Net operating lossContribution marginGross marginNet operating income | ||
Fixed expenses: | ||
(Click to select)InsuranceSalesAdministrative expensesSelling expensesCost of goods sold | ||
(Click to select)Cost of goods soldAdministrative expensesSalesInsuranceSelling expenses | ||
(Click to select)Net operating incomeGross marginNet operating lossContribution margin | $ | |
578 points Exercise 15 Traditional and Contribution Format Income Statements CLO5] Redhawk, Inc., is a merchandiser that provided the following information: Number of units sold 12,000 Selling price per unit 17 Variable selling expense per unit Variable administrative expense per unit 20,000 Total fixed selling expense s 14,000 Total fixed administrative expense 11,000 Merchandise inventory, beginning balance Merchandise inventory, ending balance S 22,000 87,000 Merchandise purchases Required 1. Prepare a traditional income statement. (Input all amounts as positive values except losses which should be indicated by a minus sign.) Redhawk, Inc. Traditional ncome Statement (Click to select) Click to select Click to select Selling and administrative expenses: Click to select Click to select Click to select 2. Prepare a contribution format income statement. (Input all amounts as positive values except losses which should be indicated by a minus sign.) Redhawk, Inc. Contribution Format Income Statement (Click to select) Variable expenses: Click to select Click to select (Click to select) Click to select Fixed expenses: Click to select (Click to select) (Click to select)
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