Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The Alpine House, Inc., is a large retailer of snow skis. The company assembled the information shown below for the quarter ended March 31: Sales

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
The Alpine House, Inc., is a large retailer of snow skis. The company assembled the information shown below for the quarter ended March 31: Sales Selling price per pair of skis Variable selling expense per pair of skis Variable administrative expense per pair of skis Total Fixed selling expense Total Fixed administrative expense Beginning merchandise inventory Ending merchandise inventory Merchandise purchases Amount $ 1,333,000 $ 430 $ 47 $ 20 $ 155, see $ 115,000 $ 75,000 $ 100,eee $ 305,eee 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? Required 1 Required 2 Required 3 Prepare a traditional income statement for the quarter ended March 31. The Alpine House, Inc. Traditional Income Statement Sales Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses $ 300,700 Administrative expenses 177,000 $ 1,333,000 280,000 1,053,000 Net operating income 477,700 $ 575,300 Required Require Required 1 Required 2 Required 3 Prepare a contribution format Income statement for the quarter ended March 31. The Alpine House, Inc. Contribution Format Income Statement Sales $ 1,333,000 Variable expenses: Administrative expenses 62,000 Selling expenses 145,700 207.700 Fixed expenses Administrative expenses Selling expenses 115,000 155.000 270,000 $ 855 300 Net operating income 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? 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 $ 276

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Well Church Book A Practical Guide To Mission Audit

Authors: John Finney

1st Edition

0862015499, 978-0862015497

More Books

Students also viewed these Accounting questions

Question

Find the area of the shaded region. a. b. 4.4 -2 x = ey

Answered: 1 week ago