Question

price of 3400 Slapshot Company makes ice hockey sicks and sold 1.20 sticks during the month of June at a total cost of 436.800 Each ick sold other sing expense of $04.200. Administrative expense stated $52.200 incurred two types of selling costs commissions equal to 10% of the sales price and Resuired Prepare an income statement for Slapshot for the more

Answer 1

Solution:

Slapshot Company

Income Statement

For the Month of June

Sales revenue (1820 units × $400)		$728,000
Cost of goods sold		$436,800
Gross margin		$291,200
Less: Selling expenses:
Commissions ($728,000 × 10%)	$(72,800)
Fixed selling expenses	$(64,200)	$(137,000)
Administrative expenses		$(52,200)
Total expenses		$(189,200)
Operating income		$102,000