I NEED COMPLETE ANSWERS FOR CONTRIBUTION FORMAT INCOME STATEMENT! ANSWERS MUST BE CLEAR TO READ!

Exercise 1-13 Traditional and Contribution Format Income Statements [L01-6] The Alpine House, Inc., is a large retailer of snow skis. The company assembled the information shown below for the quarter ended March 31 Total sales revenue Selling price per pair of skis Variable selling expense per pair of skis Variable administrative expense per pair of skis Total fixed selling expense Total fixed administrative expense Beginning merchandise inventory Ending merchandise inventory Merchandise purchases Amount $150,000 $750 50 10 $ 20,000 $ 20,000 $ 30,000 $ 40,000 $ 100,000 Required: 1. Prepare a traditional income statement for the quarter ended March 31 The Alpine House, Inc. Traditional Income Statement Sales Cost of goods sold Gross margin $ 150,000 90,000 60,000 Selling and administrative expenses Selling expenses Administrative expenses 30,000 22,000 52,000 Net operating income 8,000 2. Prepare a contribution format income statement for the quarter ended March 31 The Alpine House, Inc Contribution Format Income Statement Sales $ 150,000 Variable expenses Cost of goods sold Administrative expenses Selling expenses 90,000 2,000 92,000 Contribution margin Fixed expenses: 48,000 20,000 Selling expenses Administrative expenses 20,000 40,000 Net operating income 8,000