Principles of Accounting Volume 2
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ISBN: 9781947172609
Author: OpenStax
Publisher: OpenStax College
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The Alpine House, Inc. is a large retailer of snow skis. The company assembled the information shown below for the quarter ended March 31: Amount Total sales revenue $ 968,000 Selling price per pair of skis $ 440 Variable selling expense per pair of skis $ 47 Variable administrative expense per pair of skis $ 20 Total fixed selling expense $ 130,000 Total fixed administrative expense $ 115,000 Beginning merchandise inventory $ 70,000 Ending merchandise inventory $ 115,000 Merchandise purchases $ 300,000
Prepare a contribution format income statement for the quarter ended March 31.
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What was the contribution margin per unit? (Round your final answer to nearest whole dollar.)
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- Langstons purchased $3,100 of merchandise during the month, and its monthly income statement shows a cost of goods sold of $3,000. What was the beginning inventory if the ending inventory was $1,250?arrow_forwardThe Alpine House, Inc. is a large retailer of snow skis. The company assembled the information shown below for the quarter ended March 31: Amount Total sales revenue $ 968,000 Selling price per pair of skis $ 440 Variable selling expense per pair of skis $ 47 Variable administrative expense per pair of skis $ 20 Total fixed selling expense $ 130,000 Total fixed administrative expense $ 115,000 Beginning merchandise inventory $ 70,000 Ending merchandise inventory $ 115,000 Merchandise purchases $ 300,000 1. prepare the traditional income statement for the quarter ended march 31 come statement for the quarter ended March 31. The Alpine House, Incorporated Traditional Income Statement Sales $968,000 Cost of goods sold 255,000 Gross margin 713,000 Selling and administrative expenses: Selling expenses $233,400 Administrative expenses 159,000 392,400 784,800 Net operating incomearrow_forwardThe Alpine House, Incorporated, is a large retailer of snow skis. The company assembled the information shown below for the quarter ended March 31: Amount Sales $ 1,276,000 Selling price per pair of skis $ 440 Variable selling expense per pair of skis $ 49 Variable administrative expense per pair of skis $ 17 Total fixed selling expense $ 135,000 Total fixed administrative expense $ 110,000 Beginning merchandise inventory S 75,000 Ending merchandise inventory $ 120,000 Merchandise purchases $ 290,000 Required: 1. Prepare a traditional income statement for the quarter ended March 31. 2. Prepare a contribution format income statement for the quarter ended March 31. 3. What was the contribution margin per unit?arrow_forward
- The Alpine House, Incorporated, is a large retailer of snow skis. The company assembled the information shown below for the quarter ended March 31: Amount Sales $ 1,271,000 Selling price per pair of skis $ 410 Variable selling expense per pair of skis $ 46 Variable administrative expense per pair of skis $ 15 Total fixed selling expense $ 140,000 Total fixed administrative expense $ 100,000 Beginning merchandise inventory $ 75,000 Ending merchandise inventory $ 110,000 Merchandise purchases $ 285,000 Required: 1. Prepare a traditional income statement for the quarter ended March 31. 2. Prepare a contribution format income statement for the quarter ended March 31. 3. What was the contribution margin per unit?arrow_forwardThe Alpine House, Inc., is a large retailer of snow skis. The company assembled the information shown below for the quarter ended March 31: Amount Total sales revenue $ 1,189,000 Selling price per pair of skis $ 410 Variable selling expense per pair of skis $ 46 Variable administrative expense per pair of skis $ 19 Total fixed selling expense $ 135,000 Total fixed administrative expense $ 115,000 Beginning merchandise inventory $ 80,000 Ending merchandise inventory $ 105,000 Merchandise purchases $ 285,000 Required: 1. Prepare a traditional income statement for the quarter ended March 31. 2. Prepare a contribution format income statement for the quarter ended March 31. 3. What was the contribution toward fixed expenses and profits for each pair of skis sold during the quarter?arrow_forwardThe Alpine House, Inc., is a large retailer of snow skis. The company assembled the information shown below for the quarter ended March 31: Amount Sales $ 1,419,000 Selling price per pair of skis $ 430 Variable selling expense per pair of skis $ 46 Variable administrative expense per pair of skis $ 16 Total fixed selling expense $ 160,000 Total fixed administrative expense $ 110,000 Beginning merchandise inventory $ 70,000 Ending merchandise inventory $ 110,000 Merchandise purchases $ 295,000 Required: 1. Prepare a traditional income statement for the quarter ended March 31. 2. Prepare a contribution format income statement for the quarter ended March 31. 3. What was the contribution margin per unit?arrow_forward
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