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EXERCISE 2–5 Traditional and Contribution Format Income Statements [LO5] Redhawk, Inc

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EXERCISE 2–5 Traditional and Contribution Format Income Statements [LO5] Redhawk, Inc., is a… 1 answer below » EXERCISE 2–5 Traditional and Contribution Format Income Statements [LO5] Redhawk, Inc., is a merchandiser that provided the following information: View complete question » Number of units sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,000 Selling price per unit . . . . . . . . . . . . . . . . . . . . . . . . . . . . $15 Variable selling expense per unit . . . . . . . . . . . . . . . . . . . $2 Variable administrative expense per unit . . . . . . . . . . . . . . $1 Total fixed selling EXERCISE 2–5 Traditional and Contribution Format Income Statements [LO5] Redhawk, Inc., is a merchandiser that provided the following information: Number of units sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,000 Selling price per unit . . . . . . . . . . . . . . . . . . . . . . . . . . . . $15 Variable selling expense per unit . . . . . . . . . . . . . . . . . . . $2 Variable administrative expense per unit . . . . . . . . . . . . . . $1 Total fixed selling expense . . . . . . . . . . . . . . . . . . . . . . . . $20,000 Total fixed administrative expense . . . . . . . . . . . . . . . . . . . $15,000 Merchandise inventory, beginning balance . . . . . . . . . . . . $12,000 Merchandise inventory, ending balance . . . . . . . . . . . . . . $22,000 Merchandise purchases . . . . . . . . . . . . . . . . . . . . . . . . . . $90,000 Required: 1.       Prepare a traditional income statement. 2.       Prepare a contribution format income statement. View less » Dec 07 2015 05:40 PM


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