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The Magic Freeze Ice Cream Shoppe sold 8,900 servings of ice cream during June for $2 per serving. The shop purchases the ice cream
The Magic Freeze Ice Cream Shoppe sold 8,900 servings of ice cream during June for $2 per serving. The shop purchases the ice cream in large tubs from the Florida Ice Cream Company. Each tub costs the shop $9 and has enough ice cream to fill 15 ice cream cones. The shop purchases the ice cream cones for $0.10 each from a local warehouse club. Located in an outdoor mall, the rent for the shop space is $1,600 per month. The shop expenses $250 a month for the depreciation of the shop's furniture and equipment. During June, the shop incurred an additional $2,000 of other operating expenses (75% of these were fixed costs). Read the requirements. Requirement 1. Prepare The Magic Freeze Ice Cream Shoppe's June income statement using a traditional format. The Magic Freeze Ice Cream Shoppe Income Statement For the Month Ended June 30 i Requirements Less: Less: 1. Prepare The Magic Freeze Ice Cream Shoppe's June income statement using a traditional format. 2. Prepare The Magic Freeze Ice Cream Shoppe's June income statement using a contribution margin format. Print Done
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