Fanelli Corporation, a merchandising company, reported the following results for July: Number of units sold Selling...
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Fanelli Corporation, a merchandising company, reported the following results for July: 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 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. 6,000 $ 610 $ 412 $ 70 $ 125,500 $ 26 $ 207,400 Complete this question by entering your answers in the tabs below. Required A Required B Prepare a contribution format income statement for July. Fanelli Corporation For the month of July Contribution Format Income Statement Sales Variable expenses: Cost of goods sold Selling expense Administrative expense Manufacturing overhead Cost of goods sold Fixed expenses: $ 2,472,000 420,000 156,000 3,048,000 $ 3,660,000 612,000 6,708,000 (3,048,000) Selling expense 125,500 Administrative expense 207,400 Net operating income 332,900 $ (3,380,900) Fanelli Corporation, a merchandising company, reported the following results for July: 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 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. 6,000 $ 610 $ 412 $ 70 $ 125,500 $ 26 $ 207,400 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 Sales Cost of goods sold Gross margin For the month of July Traditional Income Statement S 3,660,000 2,472,000 1,188,000 Selling and administrative expenses: Selling expense Administrative expense $ 545,500 363,400 Net operating income 908,900 $ 279,100 < Required A Required B > Fanelli Corporation, a merchandising company, reported the following results for July: 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 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. 6,000 $ 610 $ 412 $ 70 $ 125,500 $ 26 $ 207,400 Complete this question by entering your answers in the tabs below. Required A Required B Prepare a contribution format income statement for July. Fanelli Corporation For the month of July Contribution Format Income Statement Sales Variable expenses: Cost of goods sold Selling expense Administrative expense Manufacturing overhead Cost of goods sold Fixed expenses: $ 2,472,000 420,000 156,000 3,048,000 $ 3,660,000 612,000 6,708,000 (3,048,000) Selling expense 125,500 Administrative expense 207,400 Net operating income 332,900 $ (3,380,900) Fanelli Corporation, a merchandising company, reported the following results for July: 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 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. 6,000 $ 610 $ 412 $ 70 $ 125,500 $ 26 $ 207,400 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 Sales Cost of goods sold Gross margin For the month of July Traditional Income Statement S 3,660,000 2,472,000 1,188,000 Selling and administrative expenses: Selling expense Administrative expense $ 545,500 363,400 Net operating income 908,900 $ 279,100 < Required A Required B >
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