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	$	1,600,000
Selling price per surfboard	$	400
Variable selling expense per surfboard	$	40
Variable administrative expense per surfboard	$	10
Total fixed selling expense	$	480,000
Total fixed administrative expense	$	450,000
Merchandise inventory, beginning balance	$	100,000
Merchandise inventory, ending balance	$	120,000
Merchandise purchases	$	360,000

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?