Current Attempt in Progress Restate the following income statement for a retailer in contribution format. Sales revenue ($100 per unit) $ 66,000 Less cost of goods sold ($56 per unit) 36,960 Gross margin 29,040 Less operating costs: Commissions expense ($6 per unit) $ 3,960 Salaries expense 7,900 Advertising expense 5,800 Shipping expense ($3 per unit) 1,980 19,640 Operating income $ 9,400

Question

Corbin Reid

Business

7 December, 03:02

Current Attempt in Progress Restate the following income statement for a retailer in contribution format. Sales revenue ($100 per unit) $ 66,000 Less cost of goods sold ($56 per unit) 36,960 Gross margin 29,040 Less operating costs: Commissions expense ($6 per unit) $ 3,960 Salaries expense 7,900 Advertising expense 5,800 Shipping expense ($3 per unit) 1,980 19,640 Operating income $ 9,400

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Kirk · Answer 1

Contribution Margin Income Statement for the year end MM DD, YY

$ $

Sales revenue ($100 per unit) 66,000

Less: Variable Cost

Less cost of goods sold ($56 per unit) 36,960

Commissions expense ($6 per unit) 3,960

Shipping expense ($3 per unit) 1,980

42,900

Contribution Margin 23,100

Less: Fixed Cost

Salaries expense 7,900

Advertising expense 5,800

13,700

Net Income 9,400