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Patricia's Quilt Shoppe sells homemade Amish quilts. Patricia buys the quilts from local Amish artisans for $220 each, and her shop sells them for $390
Patricia's Quilt Shoppe sells homemade Amish quilts. Patricia buys the quilts from local Amish artisans for $220 each, and her shop sells them for $390 each. She also pays a sales commission of 4% of sales revenue to her sales staff. Patricia leases her country style shop for $1,600 per month and pays $2,200 per month in payroll costs in addition to the sales commissions. Patricia sold 90 quilts in February. Prepare Patricia's traditional income statement and contribution margin income statement for the month
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