The preparation of the University Athletic Pharaoh Club's Income Statement in the contribution margin format is as follows:
University Athletic Pharaoh Club
<h3>Income Statement</h3>
For the football season
Sales Revenue $201,000
Variable cost of sales 155,574
Contribution margin $45,426
Fixed Costs:
Selling and administrative 33,526
Net Income $11,900
<h3>Data and Calculations:</h3>
Sales revenue = $201,000 ($30 x 6,700)
Cost of sales = $155,574 ($23.22 x 6,700)
Fixed Costs = $35,000
Sales commission = $1,474 ($0.22 x 6,700)
Remaining fixed costs = $33,526
Thus, the income statement of University Athletic Pharaoh Club for the football season shows a net income of $11,900.
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