Problem: Haaki Shop, Inc., is a large retailer of surfboards. The company assembled the information shown below for the quarter ended May 31:
|
|
|
Amount
|
|
Total sales revenue
|
$
|
1,364,000
|
|
Selling price per surfboard
|
$
|
440
|
|
Variable selling expense per surfboard
|
$
|
47
|
|
Variable administrative expense per surfboard
|
$
|
18
|
|
Total fixed selling expense
|
$
|
145,000
|
|
Total fixed administrative expense
|
$
|
115,000
|
|
Merchandise inventory, beginning balance
|
$
|
75,000
|
|
Merchandise inventory, ending balance
|
$
|
105,000
|
|
Merchandise purchases
|
$
|
280,000
|
Required to do:
1. Prepare a traditional income statement for the quarter ended May 31. (Input all amounts as positive values except losses which should be indicated by a minus sign. Omit the "$" sign in your response.)
2. Prepare a contribution format income statement for the quarter ended May 31. (Input all amounts as positive values except losses which should be indicated by a minus sign. Omit the "$" sign in your response.)
3. What was the contribution toward fixed expenses and profits for each surfboard sold during the quarter? (Round your answer to the nearest dollar amount. Omit the "$" sign in your response.)