Problem D2-25 (Part Level Submission)

J Sunland, Ltd. is a local coat retailer. The store's accountant prepared the following income statement for the month ended January 31:

Sales revenue. $759,000

Cost of goods sold. $347,000

Gross margin. $412,000

Operating expenses

Selling expense $24,530

Administrative expense $51,780. $76,310

Net operating income. $335,690

Sunland sells its coats for $250 each. Selling expenses consist of fixed costs plus a commission of $6.50 per coat. Administrative expenses consist of fixed costs plus a variable component equal to 5% of sales.

(a)

Make a contribution format income statement for January.(Round per unit cost to 2 decimal places, e.g. 52.75 and all other answers to 0 decimal places, e.g. 5,275.)