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Sally's Gift Baskets sells gift baskets, on average, for $125; each gift basket costs, on...

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Accounting

Sally's Gift Baskets sells gift baskets, on average, for $125; each gift basket costs, on average, $60. Debby pays salaries each month of $1300 and her sotre rent is $1000 per month. She also pays sales commissions of 5% of the sales price. In May, 140 gift baskets were sold.

Required:

a. Prepare a traditional income statement for the month of May.

b. Prepare a contribution margin income statement for the month of May.

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