For the month of August 19A, Updike Co. presented the following income statement:
UPDIKE CO.
Income Statement
For the Month Ended August 31, 19A
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Sales (1,000 units @ $50)
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$50,000
|
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Less: Cost of Goods Sold (60% variable)
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20,000
|
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Gross Margin
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$30,000
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Less: Operating Expenses
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|
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Selling and Administrative (30% variable)
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25,000
|
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Net Income
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$ 5,000
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Recast the income statement in contribution format.