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Marwick's Pianos, Incorporated, purchases planos from a manufacturer for an average cost of $1,505 per unit and then sells them to retail customers for an average price of $2,600 each. The company's selling and administrative costs for a typical month are presented below: Costs selling: Advertising sales salaries and commissions" Delivery of pianos to customers Utilities Depreciation of sales facilities Administrative: Executive salaries Insurance Clerical Depreciation of office equipment Cost Formula $949 per month $4,805 per month, plus 6% of sales $59 per piano sold $643 per month $4,961 per month $13,505 per month $709 per month $2,498 per month, plus $39 per piano sold $872 per month During August, Marwick's Planos, Incorporated, sold and delivered 59 planos. Required: 1. Prepare a traditional format Income statement for August. 2. Prepare a contribution format income statement for August. Show costs and revenues on both a total and a per-unit basis down through contribution margin. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a traditional format income statement for August. Note: A "Net operating loss" should be entered as a negative number. Marwick's Pianos, Incorporated Traditional Income Statement For the Month of August Selling and administrative expenses: Selling expenses

Marwick's Pianos, Incorporated, purchases planos from a manufacturer for an average cost of $1,505 per unit and then sells them to retail customers for an average price of $2,600 each. The company's selling and administrative costs for a typical month are presented below: Costs selling: Advertising sales salaries and commissions" Delivery of pianos to customers Utilities Depreciation of sales facilities Administrative: Executive salaries Insurance Clerical Depreciation of office equipment Cost Formula $949 per month $4,805 per month, plus 6% of sales $59 per piano sold $643 per month $4,961 per month $13,505 per month $709 per month $2,498 per month, plus $39 per piano sold $872 per month During August, Marwick's Planos, Incorporated, sold and delivered 59 planos. Required: 1. Prepare a traditional format Income statement for August. 2. Prepare a contribution format income statement for August. Show costs and revenues on both a total and a per-unit basis down through contribution margin. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a traditional format income statement for August. Note: A "Net operating loss" should be entered as a negative number. Marwick's Pianos, Incorporated Traditional Income Statement For the Month of August Selling and administrative expenses: Selling expenses

Essentials of Business Analytics (MindTap Course List)
Essentials of Business Analytics (MindTap Course List)
2nd Edition
ISBN:9781305627734
Author:Jeffrey D. Camm, James J. Cochran, Michael J. Fry, Jeffrey W. Ohlmann, David R. Anderson
Publisher:Jeffrey D. Camm, James J. Cochran, Michael J. Fry, Jeffrey W. Ohlmann, David R. Anderson
Chapter2: Descriptive Statistics
Section: Chapter Questions
Problem 3P: Ohio Logistics manages the logistical activities for firms by matching companies that need products...
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Marwick's Pianos, Incorporated, purchases planos from a manufacturer for an average cost of $1,505 per unit and then sells them to retail customers for an average price of $2,600 each. The company's selling and administrative costs for a typical month are presented below: Costs selling: Advertising sales salaries and commissions" Delivery of pianos to customers Utilities Depreciation of sales facilities Administrative: Executive salaries Insurance Clerical Depreciation of office equipment Cost Formula $949 per month $4,805 per month, plus 6% of sales $59 per piano sold $643 per month $4,961 per month $13,505 per month $709 per month $2,498 per month, plus $39 per piano sold $872 per month During August, Marwick's Planos, Incorporated, sold and delivered 59 planos. Required: 1. Prepare a traditional format Income statement for August. 2. Prepare a contribution format income statement for August. Show costs and revenues on both a total and a per-unit basis down through contribution margin. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a traditional format income statement for August. Note: A "Net operating loss" should be entered as a negative number. Marwick's Pianos, Incorporated Traditional Income Statement For the Month of August Selling and administrative expenses: Selling expenses
Transcribed Image Text:Marwick's Pianos, Incorporated, purchases planos from a manufacturer for an average cost of $1,505 per unit and then sells them to retail customers for an average price of $2,600 each. The company's selling and administrative costs for a typical month are presented below: Costs selling: Advertising sales salaries and commissions" Delivery of pianos to customers Utilities Depreciation of sales facilities Administrative: Executive salaries Insurance Clerical Depreciation of office equipment Cost Formula $949 per month $4,805 per month, plus 6% of sales $59 per piano sold $643 per month $4,961 per month $13,505 per month $709 per month $2,498 per month, plus $39 per piano sold $872 per month During August, Marwick's Planos, Incorporated, sold and delivered 59 planos. Required: 1. Prepare a traditional format Income statement for August. 2. Prepare a contribution format income statement for August. Show costs and revenues on both a total and a per-unit basis down through contribution margin. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a traditional format income statement for August. Note: A "Net operating loss" should be entered as a negative number. Marwick's Pianos, Incorporated Traditional Income Statement For the Month of August Selling and administrative expenses: Selling expenses
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