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J Crane, Ltd. is a local coat retailer. The store's accountant prepared the following income statement for the month ended January 31: Sales revenue $
J Crane, Ltd. is a local coat retailer. The store's accountant prepared the following income statement for the month ended January 31: Sales revenue $ 765,500 Cost of goods sold 505,230 Gross margin 260,270 Operating expenses Selling expense $ 24,830 Administrative expense 50,140 74,970 Net operating income $ 185,300 Crane sells its coats for $250 each. Selling expenses consist of fixed costs plus a commission of $6.50 per coat. Administrative expenses consist of fixed costs plus a variable component equal to 5% of sales.Prepare a contribution format income statement for January. (Round per unit cost to 2 decimal places, e.g. 52.75 and all other answers to 0 decimal places, e.g. 5,275.) Per Unit Sales Revenue to 765,500 $ 250 Variable Expenses Cost of Goods Sold 505,230 Selling Expense Administrative Expense to Total Variable Expenses Contribution Margin $ Fixed Expenses Selling Expense Administrative Expense Total Fixed Expenses Operating Income $
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