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The Old Tyme Ice Cream Shoppe sold 9,600 servings of ice cream during June for $2 per serving. Old Tyme purchases the ice cream in large tubs from the Dream Ice Cream Company. Each tub costs Old Tyme $9 and has enough ice cream to fill 15 ice cream cones. Old Tyme purchases the ice cream cones for $0.05 each from a local warehouse club. The Old Tyme Ice Cream Shoppe is located in a local strip mall, and rent for the space is $2,000 per month. Old Tyme expenses $260 a month for the depreciation of the Shoppe's furniture and equipment. During June, Old Tyme incurred an additional $2,400 of other operating expenses (75% of these were fixed costs). Requirements 1. Prepare Old Tyme's June income statement using a traditional format. 2. Prepare Old Tyme's June income statement using a contribution margin format. Requirement 1. Prepare Old Tyme's June income statement using a traditional format. The Old Tyme Ice Cream Shoppe Income Statement For the month ended June 30 Operating expenses: The Old Tyme Ice Cream Shoppe sold 9,600 servings of ice cream during June for $2 per serving. Old Tyme purchases the ice cream in large tubs from the Dream Ice Cream Company. Each tub costs Old Tyme $9 and has enough ice cream to fill 15 ice cream cones. Old Tyme purchases the ice cream cones for $0.05 each from a local warehouse club. The Old Tyme Ice Cream Shoppe is located in a local strip mall, and rent for the space is $2,000 per month. Old Tyme expenses $260 a month for the depreciation of the Shoppe's furniture and equipment. During June, Old Tyme incurred an additional $2,400 of other operating expenses (75% of these were fixed costs). Requirements 1. Prepare Old Tyme's June income statement using a traditional format. 2. Prepare Old Tyme's June income statement using a contribution margin format. Requirement 2. Prepare Old Tyme's June income statement using a contribution margin format. The Old Tyme Ice Cream Shoppe Contribution Margin Income Statement For the month ended June 30

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