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Exercise 11-15A (Static) Using contribution margin format Income statement to measure the magnitude of operating leverage LO 11-3, 11-4 The following income statement was drawn from the records of Joel Company, a merchandising firm. JOEL COMPANY Income Statement For the Year Ended December 31 Sales revenue (2,880 units * $125) Cost of goods sold (2,229 units * $65) Gross margin Sales commissions (10% of sales) Administrative salaries expense Advertising expense Depreciation expense Shipping and handling expenses (2,880 units $1.80) Net income $ 250, eee (130,000) 120,000 (25, eee) (30,880) (20,880) (24,800) (2,eee) $ 19, eee Required a. Reconstruct the income statement using the contribution margin format. b. Calculate the magnitude of operating leverage. c. Use the measure of operating leverage to determine the amount of net income Joel will eam if sales increase by 10 percent. Answer is not complete. Complete this question by entering your answers in the tabs below. Reg A Reg B and c Answer is not complete. Complete this question by entering your answers in the tabs below. ReqA Reg B and C Reconstruct the income statement using the contribution margin format. JOEL COMPANY Income Statement For the Year Ended December 31 Sales revenue $ 250.000 Less: Variable costs Cost of goods sold 130.000 Sales commissions 25,000 Shipping and handling expenses 2.000 OO OOO S 93.000 Less: Fixed costs Administrative salaries Advertising expense Depreciation expense sos 30.000 20.000 24,000 S 19.000