Haaki shop inc is a large retailer of surfboards the


Haaki Shop, Inc., is a large retailer of surfboards. The company assembled the information shown below for the quarter ended May 31:

Total sales revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . $800,000

Selling price per surfboard . . . . . . . . . . . . . . . . . . . . . . . $400

Variable selling expense per surfboard . . . . . . . . . . . . $50

Variable administrative expense per surfboard . . . . . . $20

Total fi xed selling expense . . . . . . . . . . . . . . . . . . . . . . $150,000

Total fi xed administrative expense . . . . . . . . . . . . . . . . $120,000

Merchandise inventory, beginning balance . . . . . . . . . $80,000

Merchandise inventory, ending balance . . . . . . . . . . . . $100,000

Merchandise purchases . . . . . . . . . . . . . . . . . . . . . . . . $320,000

Prepare a traditional income statement for the quarter ended May 31. 2.

Prepare a contribution format income statement for the quarter ended May 31. 3.

What was the contribution toward fixed expenses and profits for each surfboard sold during the quarter? (State this figure in a single dollar amount per surfboard.)

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Financial Accounting: Haaki shop inc is a large retailer of surfboards the
Reference No:- TGS01670517

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