traditional and contribution format income statements

Project Description:

haaki shop, inc. is a large retailer of surfboards. the company assembled the information shown below for the quarter ended may 31:

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

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 during the quarter? (state this figure in a single dollar amount per surfboard.)
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