Slapshot Company makes ice hockey sticks and sold 1,870 sticks during the month of June at a total cost of $467,500. Each stick sold at a price of $420. Slapshot also incurred two types of selling costs: commissions equal to 10% of the sales price, and other selling expense of $63,600. Administrative expense totaled $53,500.

Labels and Amount Descriptions

Labels

Add

Less

For the Month of June

June

Selling expenses

Amount Descriptions

Administrative expenses

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

Income Statement

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Slapshot Company makes ice hockey sticks and sold 1,870 sticks during the month of June at a total cost of $467,500. Each stick sold at a price of $420. Slapshot also incurred two types of selling costs: commissions equal to 10% of the sales price, and other selling expense of $63,600. Administrative expense totaled $53,500.

Refer to the list below for the exact wording of a label or an amount description within your income statement.

Labels and Amount Descriptions

Labels

Add

Less

For the Month of June

June

Selling expenses

Amount Descriptions

Administrative expenses

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

Refer to the list below for the exact wording of a label or an amount description within your income statement. Labels and Amount Descriptions Labels Add Less For the Month of June June Selling expenses Amount Descriptions Administrative expenses 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

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.