(Solved by Humans)-PROBLEM 3–12 Traditional and Contribution Format Income Statement [LO3] Haaki Shop Inc. is a...
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PROBLEM 3–12 Traditional and Contribution Format Income Statement [LO3] Haaki Shop Inc. is a large retailer of surfboards. The company assembled the information shown below for the quarter ended May 31: Amount Total sales revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $800,000 Selling price per surfboard . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 400 Variable selling expense per surfboard . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50 Variable administrative expense per surfboard . . . . . . . . . . . . . . . . . . . . . . . . . 20 Total fixed selling expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150,000 Total fixed administrative expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 120,000 Merchandise inventory, beginning balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80,000 Merchandise inventory, ending balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100,000 Merchandise purchases. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 320,000 Required: 1. Prepare a traditional income statement for the quarter ended May 31. 2. Prepare a contribution format income statement for the quarter ended May 31. 3. What was the contribution toward fixed expenses and profits for each surfboard sold dur- ing the quarter? (State this figure in a single dollar amount per surfboard.)
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This question was answered on: 10 May, 2025
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