Cornerstone Exercise $2-25$ Income Statement Percentages

Prepare an income statement for Slapshot for the month of June and calculate the percentage of sales revenue represented by each line of the income statement.

Use the following information

Slapshot Company makes ice hockey sticks and sold $16,000$ sticks during the month of June at a total cost of $$431,000.$ Each stick sold at a price of $$90.$ Slapshot also incurred two types of selling costs: commissions equal to $15$ percent of the sales price, and other selling expense of $$200,000.$ Administrative expense totaled $$115,000.$