Patricia's Quilt Shoppe sells homemade Amish quilts. Patricia buys the quilts from local Amish artisans for...

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Patricia's Quilt Shoppe sells homemade Amish quilts. Patricia buys the quilts from local Amish artisans for $290 each, and her shop sells them for $440 each. She also pays a sales commission of 4% of sales revenue to her sales staff. Patricia leases her country-style shop for $1,400 per month and pays $2,000 per month in payroll costs in addition to the sales commissions. Patricia sold 90 quilts in February. Prepare Patricia's traditional income statement and contribution margin income statement for the month. Prepare the traditional income statement for the month. Patricia's Quilt Shoppe Income Statement For the Month Ended February 28 Less: Less: Patricia's Quilt Shoppe sells homemade Amish quilts. Patricia buys the quilts from local Amish artisans for $290 each, and her shop sells them for $440 each. She also pays a sales commission of 4% of sales revenue to her sales staff. Patricia leases her country-style shop for $1,400 per month and pays $2,000 per month in payroll costs in addition to the sales commissions. Patricia sold 90 quilts in February. Prepare Patricia's traditional income statement and contribution margin income statement for the month. Prepare the traditional income statement for the month. Patricia's Quilt Shoppe Income Statement For the Month Ended February 28 Less: Less:

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