Haaki Shop Inc. is a large retailer of surfboards. The company assembled the information shown below for the quarter ended May 31 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 Merchandise inventory, ending balance Merchandise purchases Amount $ 1,600,000 400 40 10 480,000 $ 450,000 $ 100,000 $ 120,000 $ 360,000 Required: 1. Prepare a traditional income statement for the quarter ended May 31. HAAKI SHOP, INC. Traditional Income Statement Quarter Ended May 31 Sales Cost of goods sold Gross margin Selling and administrative expenses Selling expenses Administrative expenses Operating income ere to search 2. Pr bare contribution format income statement for the quarter ended May 31 HAAKI SHOP, INC. Contribution Format Income Statement Quarter Ended May 31 Sales Variable expenses Cost of goods sold Selling expenses Administrative expenses Contribution margin Fixed expenses Selling expenses Administrative expenses Operating income 3. What was the contribution toward fixed expenses and profits for each surfboard sold during the quarter? Contribution per surfboard re to search