Traditional and Contribution Format Income Statement [LO3] Haaki Shop Inc. is a large retailer of surfboards. The company assembled the information shown below for the quarter ended May 31:

Amount

Total sales revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 800,000 Selling price per surfboard . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 400 Variable selling expense per surfboard . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50 Variable administrative expense per surfboard . . . . . . . . . . . . . . . . . . . . . . . . . 20 Total fixed selling expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .150,000 . . Total fixed administrative expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 120,000 Merchandise inventory, beginning balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80,000 Merchandise inventory, ending balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100,000 Merchandise purchases. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .320,000

Required:

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

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

What was the contribution toward fixed expenses and profits for each surfboard sold dur-

ing the quarter? (State this figure in a single dollar amount per surfboard.)