1. Business
  2. Accounting
  3. fanelli corporation a merchandising company reported the following results for...

Question: fanelli corporation a merchandising company reported the following results for...

Question details

Fanelli Corporation, a merchandising company, reported the following results for July:

Number of units sold 6,900
Selling price per unit $ 620
Unit cost of goods sold $ 421
Variable selling expense per unit $ 55
Total fixed selling expense $ 126,400
Variable administrative expense per unit $ 34
Total fixed administrative expense $ 208,300

Cost of goods sold is a variable cost in this company.

Required:

a. Prepare a traditional format income statement for July.

b. Prepare a contribution format income statement for July.

Solution by an expert tutor
Blurred Solution
This question has been solved
Subscribe to see this solution