Whitman Corporation, a merchandising company, reported sales of 7,400 units for May at a selling price of $677 per unit. The cost of goods sold (all variable) was $441 per unit and the variable selling expense was $54 per unit. The total fixed selling expense was $155,600. The variable administrative expense was $24 per unit and the total fixed administrative expense was $370,400.

Required:

a.	Prepare a contribution format income statement for May. (Input all amounts as positive value.)

Contribution Format Income Statement For May
(Click to select) Cost of goods sold Variable administrative expense Variable selling expense Fixed selling expense Sales		$
Variable expenses:
(Click to select) Fixed selling expense Cost of goods sold Variable selling expense Sales Variable administrative expense	$
(Click to select) Sales Fixed selling expense Cost of goods sold Variable selling expense Variable administrative expense
(Click to select) Cost of goods sold Sales Variable selling expense Fixed selling expense Variable administrative expense
(Click to select) Contribution loss Contribution margin
Fixed expenses:
(Click to select) Fixed administrative expense Sales Variable selling expense Fixed selling expense Cost of goods sold
(Click to select) Fixed administrative expense Sales Variable selling expense Cost of goods sold Fixed selling expense
(Click to select) Net operating income Net operating loss		$

b.	Prepare a traditional format income statement for May. (Input all amounts as positive value.)

Traditional Format Income Statement For May
(Click to select) Selling expense Administrative expense Variable expense Cost of goods sold Sales		$
(Click to select) Selling expense Variable expense Sales Cost of goods sold Administrative expense
(Click to select) Gross margin Gross loss
Selling and administrative expenses:
(Click to select) Sales Selling expense Administrative expense Variable expense Cost of goods sold	$
(Click to select) Cost of goods sold Variable expense Administrative expense Sales Selling expense
(Click to select) Net operating income Net operating loss		$