The Carpenter Company sells sports decals that can be personalized with a player's name, team name, and jersey number for $10 each. Carpenter buys the decals from a supplier for $3 each and spends an additional $0.50 in variable operating costs per decal. The results of last month's operations are as follows:
Sales revenue........................$10,000
Cost of goods sold................... 3,000
Gross profit ........................... 7,000
Operating expenses .................. 2,500
Operating income .................. $4,500
Required
Prepare a contribution format income statement for the Carpenter Company.