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.

	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.

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
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

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. Refer to the list of Labels and Amount Descriptions for the exact wording of text within your income statement. Round percentages to one decimal place. Be sure to complete the statement heading.

Slapshot Company

Income Statement

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