Hal-Marts, Inc., has two sales departments: equipment and clothing. During February, these two departments reported the following operating results:
Equipment Clothing
Sales.................................$490,000..............$250,000
Contribution Margin.....................35%....................50%
Traceable Fixed Costs...............$29,200...............$26,800
In addition, fixed costs common to both departments amounted to $54,400.
Complete the following responsibility income statement for Hal-Marts, Inc. Follow the Contribution Margin approach, and show percentages as well as dollar amounts. Conclude your income statement with the company's income from operations.