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Please help me with this problem. Problem 2-25 (Part Level Submission) 1 Swifty, Ltd. is a local coat retailer. The store's accountant prepared the following
Please help me with this problem.
Problem 2-25 (Part Level Submission) 1 Swifty, Ltd. is a local coat retailer. The store's accountant prepared the following income statement for the month ended January 31: $ 750,000 352,000 398,000 Sales revenue Cost of goods sold Gross margin Operating expenses Selling expense Administrative expense Net operating income $ 24,330 51,790 76,120 $ 321,880 Swifty 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. *(a) Your answer is partially correct. Try again. 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 o decimal places, e.g. 5,275.) Per Unit Sales Revenue Variable Expenses TContribution Margin TVariable Expenses Administrative Expense TTContribution Margin Tselling Expense Tadministrative Expens TTotal Variable Expense TTotal Fixed Expenses
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