Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribedimage text in transcribedimage text in transcribed

The Alpine House, Incorporated, 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 $ 1,188,000 $ 440 $ 49 $ 17 $ 135,000 $ 115,000 $ 75,000 $ 115,000 $ 315,000 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 not complete. 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 Sales IS ol 1,188,000 275,000 913,000 Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses Administrative expenses $ 267,300 3 267,300 Net operating income > The Alpine House, Incorporated, is a large retailer of snow skis. The company assembled the information shown below for the quarter ended March 31: Sales Amount $ 1,188,000 $ 440 $ 49 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 $ 17 $ 135,000 $ 115,000 $ 75,000 $ 115,000 $ 315,000 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 not complete. Complete this question by entering your answers in the tabs below. Required Required Required 1 2 3 Prepare a contribution format income statement for the quarter ended March 31. The Alpine House, Incorporated Contribution Format Income Statement Sales $ 1,188,000 Variable expenses: Cost of goods sold $ 275,000 Selling expenses 267,300X Administrative expenses 117,700X 660,000 528,000) Contribution margin Fixed expenses: Selling expenses Administrative expenses 135,000 115,000 250,000 $ 278,000 Net operating income NS 1 2 3 What was the contribution margin per unit? (Round your final answer to nearest whole dollar.) Contribution margin per unit

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Students also viewed these Accounting questions

Question

600 lb 20 0.5 ft 30 30 5 ft

Answered: 1 week ago