+ Fanelli Corporation, a merchandising company, reported the following results f

Question

+ Fanelli Corporation, a merchandising company, reported the following results for July: $ 6,900 620 421 Number of units sold Selling price per unit Unit cost of goods sold Variable selling expense per unit Total fixed selling expense Variable administrative expense per unit Total fixed administrative expense 55 $126,400 $ 34 $208,300 Cost of goods sold is a variable cost in this company. Required: a. Prepare a traditional format income statement for July. b. Prepare a contribution format income statement for July. Complete this question by entering your answers in the tabs below. Required A Required B Prepare a traditional format income statement for July. Fanelli Corporation For the month of July Traditional Income Statement $ Sales Cost of goods sold 4,278,000 2,904,900 Graw

Explanation / Answer

Traditional Format Sales 4278000 Cost of goods sold 2904900 Gross margin 1373100 Selling and administrative expense Selling. 505900 Administrative 442900 948800 net operating income 424300 Contribution income statement Sales 4278000 Variable expenses cost of goods sold 2904900 variable selling 379500 variable administrative 234600 3519000 Contribution margin 759000 Fixed expenses Fixed selling 126,400 Fixed administrative 208,300 334,700 net operating income 424,300

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