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Slapshot Company makes ice hockey sticks and sold 1,850 sticks during the month of June at a total cost of $425,500. Each stick sold at
Slapshot Company makes ice hockey sticks and sold 1,850 sticks during the month of June at a total cost of $425,500. Each stick sold at a price of $400. Slapshot also incurred two types of selling costs: commissions equal to 10% of the sales price and other selling expense of $63,700. Administrative expense totaled $53,100.
Required: | |
Prepare an income statement for Slapshot for the month of June and calculate the percentage of sales revenue represented by each line of the income statement. |
Labels and Amount Descriptions
Labels | |
Add | |
Less | |
For the Month of June | |
June | |
Selling expenses | |
Amount Descriptions | |
Administrative expenses | |
Variable commissions | |
Cost of goods manufactured | |
Cost of goods sold | |
Finished goods inventory | |
Fixed selling expenses | |
Gross margin | |
Operating income | |
Operating loss | |
Sales revenue | |
Total selling expenses |
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