Exercise

1. Use theLesson 6 Exercise TemplateXLS Excel document
2. To prepare a traditional income statement and a contribution margin income statement for the Fantastic Ice Cream Shoppe. See Problem 6-61A on page 371 of the textbook to find the data needed to complete this assignment.

Attached is both the template as well as the problem.

P6-61A Name: __________________________________ Requirements: 1. Prepare The Fantastic Ice Cream Shoppe's June income statement using a traditional format. 2. Prepare The Fantastic Ice Cream Shoppe's June income statement using a contribution margin format. Req. 1 The Fantastic Ice Cream Shoppe Income Statement For the Month Ended June 30 Req .2 The Fantastic Ice Cream Shoppe Contribution Margin Income Statement For the Month Ended June 30 P6-61A Prepare traditional and contribution margin income statements (Learning Objective 6) The Fantastic Ice Cream Shoppe sold 8,800 servings of ice cream during June for $5 per serving. The shop purchases the ice cream in large tubs from the Deluxe Ice Cream Company. Each tub costs the shop $14 and has enough ice cream to fill 28 ice cream cones. The shop purchases the ice cream cones for $0.15 each from a local ware- house club. The Fantastic Ice Cream Shoppe is located in a strip mall, and rent for the space is $2,050 per month. The shop expenses $220 a month for the depreciation of the shop's furniture and equipment. During June, the shop incurred an additional $2,800 of other operating expenses {75% of these were fixed costs). Requirements 1. Prepare The Fantastic Ice Cream Shoppe's June income statement using a traditional format. 2. Prepare The Fantastic Ice Cream Shoppe's June income statement using a contribu- tion margin format