Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Exercise 2-17 (Part Level Submission) Erin Brushwood sells gourmet chocolate chip cookies. The results of her last month of operations are as follows: Sales revenue
Exercise 2-17 (Part Level Submission) Erin Brushwood sells gourmet chocolate chip cookies. The results of her last month of operations are as follows: Sales revenue Cost of goods sold (all variable) Gross margin Selling expenses (20% variable) Administrative expenses (60% variable) Operating income $ 48,424 24,769 23,655 7,171 12,236 $ 4,248 Prepare a contribution format income statement for Erin. (Round answers to o decimal places, e.g. 5,275.) Sales Revenue 48424 Variable Expenses . Cost of Goods Sold 24769 Selling Expense 1434 Administrative Expense 7342 Total Variable Expenses 33545 Contribution Margin v 14879 Fixed Expenses Selling Expense 5737 Administrative Expense 4894 Total Fixed Expenses 10631 TOperating Income 1248 Click if you would like to Show Work for this question: Open Show Work (b) your answer is correct. If Erin sells her cookies for $1.68 each, how many cookies did she sell during the month? (Round answer to the nearest whole number, e.g. 5,275.) 28824 Cookies sold in the month Click if you would like to Show Work for this question: Open Show Work (c) x Your answer is incorrect. Try again. What is the contribution margin per cookie? (Round unit costs to 2 decimal places, e.g. 52.75.) 23655 Contribution margin su per cookie Click if you would like to Show Work for this question: Open Show Work LINK TO TEXT LINK TO VIDEO Attempts: 1 of 2 used (d) The parts of this question must be completed in order. This part will be available when you complete the part above
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started