Question
Fanelli Corporation, a trading company, reported the following results for July: Number of units sold 5,400 Sale Price per Unit ps 590 Unit cost of
Fanelli Corporation, a trading company, reported the following results for July:
Number of units sold | 5,400 | |
Sale Price per Unit | ps | 590 |
Unit cost of goods sold | ps | 406 |
Variable selling expense per unit | ps | 58 |
Total Fixed Selling Expenses | ps | 124,900 |
Variable administrative expense per unit | ps | 28 |
Total Fixed Administrative Expense | ps | 206,800 |
The cost of goods sold is a variable cost in this company.
Required:
a. Prepare a traditional format income statement for July.
b. Prepare an income statement in quote format for the month of July.
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Advanced Financial Accounting
Authors: Thomas Beechy, Umashanker Trivedi, Kenneth MacAulay
6th edition
013703038X, 978-0137030385
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