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snow_tiger [21]
3 years ago
10

J Crane, Ltd. is a local coat retailer. The store’s accountant prepared the following income statement for the month ended Janua

ry 31: Sales revenue $ 750,000 Cost of goods sold 300,000 Gross margin 450,000 Operating expenses Selling expense $ 23,560 Administrative expense 49,500 73,060 Net operating income $ 376,940 Crane 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. Prepare a contribution format income statement for January.
Business
1 answer:
kari74 [83]3 years ago
4 0

Answer:

                                                J Crane, Ltd

                           Contribution Margin Income Statement

                           For the Month ended January 31 YY

                                                                      $                       $

Sales revenue                                                                 750,000

Less Variable cost :

Cost of goods sold                                  300,000

Selling expenses                                     19,500

Admin Expense                                      <u> 37,500</u>

                                                                                       <u>  357,000 </u>                

Contribution Margin                                                        393,000

Less Fixed cost :

Selling expense                                       4,060

Administrative expense                         <u> 12,000</u>

                                                                                       <u>  16,060 </u>

Net income                                                                     <u> </u><u>376,940</u>

<u />

<u>Working:</u>

Number of Coat sold = 750,000/250 = 3000 coats

Variable costs:

Selling expenses = 6.5 x 3000 = 19500

Admin Expense = 750,000 x 5% = 37,500

Fixed cost:

Selling expenses = 23560 - 19500 = 4060

Admin Expense = 49,500 - 37,500 = 12,000

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