The Alpine House, Inc., is a large retailer of snow skis. The company assembled

Question

The Alpine House, Inc., is a large retailer of snow skis. The company assembled the information shown below for the quarter ended March 31 Amount Total sales revenue Selling price per pair of skis Variable selling expense per pair of skis Variable administrative expense per pair of skis$ Total fixed selling expense Total fixed administrative expense Beginning merchandise inventory Ending merchandise inventory Merchandise purchases $1,305,000 450 48 $ 145,000 $ 110,000 $ 75,000 $ 115,000 $ 310,000 Required: 1. Prepare a traditional income statement for the quarter ended March 31 The Alpine House, Inc. Traditional Income Statement Selling and administrative expenses

Explanation / Answer

Workings:

2.

Workings:

3.

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1 Traditional Income Statement Sales $        1,305,000 Cost of Goods Sold* $            270,000 Gross margin $        1,035,000 Selling and Admin Expenses: Selling Expenses* $ 284,200 Admin Expenses* $ 162,200 $            446,400 Net Operating Income $            588,600

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