Baxter Corporation, a merchandising company, reported the following results for July: ...
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Accounting
Baxter Corporation, a merchandising company, reported the following results for July:
|
| Number of units sold (normal operating level) | 4,900 |
|
| Selling price per unit | $610 |
|
| Unit cost of goods sold (90% variable, 10% fixed) | $430 |
|
| Variable selling expense per unit | $38 |
|
| Total fixed selling expense | $134,600 |
|
| Variable administrative expense per unit | $32 |
|
| Total fixed administrative expense | $196,500 |
Required:
a. Prepare a traditional format income statement for July.
b. Prepare a contribution format income statement for July.
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