Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Fletcher Corporation prepared the following income statement for the fourth quarter in 2018. $950,000 596,600 Sales revenue (34,000 units) Loss: Costs of goods sold Gross
Fletcher Corporation prepared the following income statement for the fourth quarter in 2018. $950,000 596,600 Sales revenue (34,000 units) Loss: Costs of goods sold Gross margin Less: Selling & administrative expenses 353,400 188,600 Net income $164,800 Fletcher's annual fixed manufacturing expenses, incurred uniformly each quarter, amount to $844,400; it also pays a sales commission of $1 per unit to its sales personnel. Required: Prepare a contribution margin income statement for the fourth quarter in 2018. (Round "Per-unit dollars" to 2 decimal places and "Percentages of salas" to 1 decimal place.) FLETCHER CORPORATION Contribution Margin Income Statement For the Fourth Quarter in 2018 Total Per Unit Percentage of Sales $ 950,000 $ 27.94 % Sales revenue Less: Variable costs Cost of goods sold Selling & administrative expenses Contribution margin Less: Fixed costs Cost of goods sold Selling & administrative expenses % 0.0 % $ 950,000 $ 27.94 $ 950,000 MacBook Pro 20 000
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