Answered step by step
Verified Expert Solution
Question
1 Approved Answer
thanks The Alpine House, Incorporated, is a large retailer of snow skis. The company assembled the information shown below for the quarter ended March 31:
thanks
The Alpine House, Incorporated, is a large retailer of snow skis. The company assembled the information shown below for the quarter ended March 31: $ 10 Anout Sales $ 1,170,000 Selling price per pair of skis $ 450 Variable selling expense per pair of skis 949 Variable administrative expense per pair of skis Total fixed selling expense $ 135,000 Total fixed administrative expense $ 105,000 Beginning merchandise inventory $ 60,000 Ending merchandise inventory $ 110,000 Merchandise purchases $ 290,000 Required: 1. Prepare a traditional income statement for the quarter ended March 31, 2. Prepare a contribution format income statement for the quarter ended March 31 3. What was the contribution margin per unit? Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required: Required 2 Required 3 Prepare a traditional Income statement for the quarter ended March 31. Answer is complete but not entirely corre Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare a traditional income statement for the quarter ended March 31. The Alpine House, Incorporated Traditional Income Statement $ 1,170,000 240,000 930,000 Sales Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses Selling expenses Administrative expenses 262,400 156,800 Net operating income 419,200 488,400 Required 1 Required 2 Required 3 Prepare a contribution format income statement for the quarter ended March 31. 1,170,000 The Alpine House, Incorporated Contribution Format Income Statement Sales $ Variable expenses: Cost of goods sold 252,400 X Selling expenses 127,400 Administrative expenses 46,800 426,600 743,400 Contribution margin Fixed expenses: Selling expenses Administrative expenses 135,000 105,000 Fixed manufacturing overhead Net operating income 240,000 503,400 $ Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 What was the contribution margin per unit? (Round your final answer to nearest whole dollar.) Contribution margin per unit $ 286 Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started