ACCT 2250 - Fall 01 - W. Kanigan Assignment Question #1 McGill Corporation has provided the following for three months of income statements: July August September Sales in Units 500 1000 800 Sales 250,000 500,000 400,000 125,000 250,000 200,000 Less: cost of goods sold Gross margin Operating expenses: 125,000 250,000 200,000 Advertising 5,000 5,000 5,000 72,500 85,000 80,000 Salaries & Commissions 10,000 10,000 10,000 Depreciation expense Utilities expense 12,000 17,000 15,000 99,500 117,000 110,000 Total operating expenses Net Income 25,500 133,000 90,000 Required: Assume the company plans to sell 900 units next month, prepare a contribution margin income statement