Exercise 1-15 Traditional and Contribution Format Income Statements [LO1-6) The Alpine House, Inc., is a large retailer of snow skis. The company assembled the information shown below for the quarter ended March 31: $ Sales Selling price per pair of skis Variable selling expense per pair of skis Variable administrative expense per pair of skis Total fixed selling expense Total fixed administrative expense Beginning merchandise inventory Ending merchandise inventory Merchandise purchases Anount $ 150,000 750 $ 50 10 $ 20,000 $ 20,000 $ 30,000 $ 40,000 $ 100,000 Required: 1. Prepare a traditional income statement for the quarter ended March 31, 2. Prepare a contribution format income statement for the quarter ended March 31, 3. What was the contribution margin per unit? Which of the following statements about product costs is true? Multiple Choice Product costs appear on financial statements only when products are sold. Product costs associated with unsold finished goods and work in process appear on the balance sheet as assets. Product costs are deducted from revenue when the production process is completed. Product costs are deducted from revenue as expenditures are made