all Q on attach, plaese open attach thank you Q1: Kaahi Shop, Inc., is a large retailer
Question:
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all Q on attach, plaese open attach
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Q1: Kaahi Shop, Inc., is a large retailer of surfboards. The company assembled the information shown below for the quarter ended May 31: Amount Total sales revenue $ 800,000 Selling price per surfboard $ 400 Variable selling expenses per surfboard $50 Variable administrative expenses per surfboard $20 Total fixed selling expenses $ 150,000 Total fixed administrative expenses $ 120,000 Merchandise inventory, beginning balance $ 80,000 Merchandise inventory, ending balance $ 100,000 Merchandise purchases $ 320,000 Required: 1. Prepare a traditional income statement for the quarter ended May 31. 2. Prepare a contribution format income statement for the quarter ended May 31. 3. What was the contribution toward fixed expenses and profits for each surfboard sold during the quarter? (State this figure in a single dollar amount per surfboard).
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