Answered step by step
Verified Expert Solution
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: Total
The Alpine House, Inc., is a large retailer of snow skis. The company assembled the information shown below for the quarter ended March 31: Total sales revenue 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 Amount $1,125,000 $ 450 $ 47 $ 19 $ 135,000 expense Beginning merchandise inventory $ 115,000 $ 75,000 110,000 $ 295,000 Ending merchandise inventory$ Merchandise purchases Required: 1. Prepare a traditional income statement for the quarter ended March 31. The Alpine House, Inc. Traditional Income Statement Sales $ 1,125,000 Cost of goods sold 260,000 Gross margin 865,000 Selling and administrative expenses: Selling expenses 252,500 Administrative expenses 162,500 415,000 ces 2. Prepare a contribution format income statement for the quarter ended March 31. (Round your answer to nearest whole dollar.) The Alpine House, Inc. Contribution Format Income Statement Variable expenses Fixed expenses 0
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