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Prepare a contribution format income statement for January.

Question Description

Problem 2-25

J Concord, Ltd. is a local coat retailer. The store’s accountant prepared the following income statement for the month ended January 31:

Sales revenue $ 763,000
Cost of goods sold 345,500
Gross margin 417,500
Operating expenses
Selling expense $ 24,260
Administrative expense 50,560 74,820
Net operating income $ 342,680

Concord sells its coats for $250 each. Selling expenses consist of fixed costs plus a commission of $6.50 per coat. Administrative expenses consist of fixed costs plus a variable component equal to 5% of sales.

Prepare a contribution format income statement for January. (Round per unit cost to 2 decimal places, e.g. 52.75 and all other answers to 0 decimal places, e.g. 5,275.)

Per Unit
$

$

:

$

$

:

$

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Using the format y = mx + b, develop a cost formula for total expenses. (Round unit cost to 2 decimal places, e.g. 52.75 and all other answers to 0 decimal places, e.g. 5,275.)

Operating expenses = $x + $

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If 3,000 coats are sold next month, what is the expected total contribution margin? (Round answer to 0 decimal places, e.g. 5,275.)

Contribution margin $
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