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Save Patsy's Quilt Shoppe sells homemade Mennonite quilts. Patsy buys the quilts from local Mennonite artisans for $410 each, and her shop sells them for
Save Patsy's Quilt Shoppe sells homemade Mennonite quilts. Patsy buys the quilts from local Mennonite artisans for $410 each, and her shop sells them for $490 each Patsy also pays a sales commission of 6% of sales revenue to her sales staff. Patsy leases her country-style shop for $1,050 per month and pays $1,350 per month in payroll costs in addition to the sales commissions. Patsy sold 110 quilts in February. Prepare Patsy's traditional income statement and contribution margin income statement for the month. Prepare the traditional income statement for the month. (Round your answers to the nearest whole dollar. Use parentheses or a minus sign to enter losses.) Patsy's Quilt Shoppe Income Statement Month Ended February 28 a
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