EXERCISE 2-11 Traditional and Contribution Format Income Statements [LO5) Haaki 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. . Selling price per surfboard . . . .. . . Variable selling expense per surfboard Variable administrative expense per surfboard.. Total fixed selling expense Total fixed administrative expense . . . Merchandise inventory, beginning balance $800,000 $400 $50 $20 $150,000 $80,000 $100,000 $320,000 Merchandise purchases . 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.) EVERCISE 2-12 Cost Behavior: High-Low Method [LO3, LO4] EXERCISE 2-11 Traditional and Contribution Format Income Statements [LO5) Haaki 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. . Selling price per surfboard . . . .. . . Variable selling expense per surfboard Variable administrative expense per surfboard.. Total fixed selling expense Total fixed administrative expense . . . Merchandise inventory, beginning balance $800,000 $400 $50 $20 $150,000 $80,000 $100,000 $320,000 Merchandise purchases . 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.) EVERCISE 2-12 Cost Behavior: High-Low Method [LO3, LO4]