You are provided with the following data.
Sales $ 17,178
Variable costs:
Direct Materials $ 2,024
Direct Labor $ 2,977
Manufacturing Overhead $ 1,147
Variable selling $ 1,155
Variable administrative $ 988
Fixed costs:
Fixed selling $ 4,004
Fixed administrative $ 1,777
Fixed Manufacturing Overhead $ 1,288
Required:
Complete a traditional format income statement and a contribution format income statement.
Note: All amounts should be entered as positive values.
Traditional Format Income Statement
Sales $ 17,178
Cost of Goods Sold
Direct Materials $ 2,024
Direct Labor $ 2,977
Manufacturing Overhead
Gross Profit
Selling and administrative expenses:
Selling
Administrative
Net Operating Income
Contribution Format Income Statement
Sales
Variable expenses:
Direct Materials
Direct Labor
Manufacturing Overhead
Variable selling
Variable administrative
Fixed expenses:
Fixed selling
Fixed administrative
Manufacturing Overhead
