Question

arg... duent Login in... Employee Self-Servi... Login | Salesforce G Home CNSSS : Home Trident Main Site. Calendar pters 1-5 0 Submitted 77.8/100 Total points awarded Help Fanelli Corporation, a merchandising company, reported the following results for July: $ 6,70€ 600 419 Number of units sold Selling price per unit Unit cost of goods sold Variable selling expense per unit Total fixed selling expense Variable administrative expense per unit Total fixed administrative expense 62 Hed $126,200 $ 30 $208,100 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 Complete this question by entering your answers in the tabs below. Required A Required B < Prev 1 of 5 * Next > to search

I need help with the items with the red x and the numbers in red for required A and B. The stuff in red and with a red x is wrong. Please and thank you.

Answer 1

The answer has been presented in the supporting sheet. All the parts has been solved with detailed explanation and calculation. For detailed answer refer to the supporting sheet.

Answer Fanelli Corporation For the month of july Traditional income statement Sales (6700*600) Cost of goods sold (6700*419) Gross Margin Selling and adminstrative expenses Adminstrative expenses (30*6700) +208100) Selling expenses (62*6700) +126200) 4020000 2807300 1212700 409100 541600 950700 262000 -Net Operating income

4020000 Fanelli Corporation For the month of july Contribution Format Income Statement Sales (6700*600) Variable expenses Cost of goods sold (419*6700) 2807300 Adminstrative expenses (30*6700) 201000 Selling expense (62*6700) 415400 2 3423700 596300 Contribution Margin B Fixed expenses Adminstrative expenses Selling expenses 208100 126200 334300 262000 3 Net Operating income 511