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Anment 1 ) - Protected V Saved to this PC Search BERLANDE DELPE mations Slide...

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Accounting

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Anment 1 ) - Protected V Saved to this PC Search BERLANDE DELPE mations Slide Show Review View Help ses. Unless you need to edit ale to stay in Proded view Enable ning Guided Example su conne Maui Mike's is a large retailer of surfboards. The company assembled the information shown below for the quarter ended May 31: Amount Total sales revenue $750,000 Selling price per unit $500 Variable selling expense per unit $40 Variable administrative expense per unit $15 Total fixed selling expense $125,000 Total fixed administrative expense $100,000 Merchandise inventory, beginning balance $65,000 Merchandise inventory, ending balance $85,000 Merchandise purchases $295,000 Required: 1. 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.) [106]

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