Posted: March 10th, 2021

Redhawk, inc., is a merchandiser that provided the following

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

 

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