Y Co provides you with the following information for the Year ending December 31, 20X1: Widget Sales $150,000 Widget Selling Price $750 Variable Selling Cost/Widget $50 Variable Administrative Cost/Widget $10 Total Fixed Selling Expense $20,000 Total Fixed Administrative Expense $20,000 BOY Widget Inventory, 1/1/20X1 $30,000 EOY Widget Inventory. 12/31/20X1 $40,000 20X1 Widget Inventory Purchases $100,000 (inventory is classified as a variable cost) Note: Number of units sold (150,000/750=200) Required A: Prepare a Traditional Income Statement as of December 31, 20X1. Required B: Prepare a Contribution Margin Income Statement as of December 31, 20X1

Problem 2 Y Co provides you with the following information for the Year ending December 31, 20X1: entory is classified as a varia Note: Number of units sold (150,000/750=200) Required A: Prepare a Traditional Income Statement as of December 31, 201. Required B: Prepare a Contribution Margin Income Statement as of December 31, 20x1