Managerial Accounting: AP5-15 Surfer Bird, Inc., purchases dune buggies .XLSX

Managerial Accounting: AP5-15 Surfer Bird, Inc., purchases dune buggies 

Managerial Accounting
AP5-15
Surfer Bird, Inc., purchases dune buggies from a well-known manufacturer and sells them at the retail level.  The buggies sell, on the average for $2,200 each. The average cost of a buggy from the manufacturer is $1,504. The costs that the company incurs in a typical month are presented below:
Costs Cost Formula
Selling:
Advertising $943 per month
Delivery of Buggies $59 per buggy sold
Sales salaries and Commissions $4,791 per month, plus 5% of sales
Utilities $643 per month
Depreciation of sales facilities $4,953 per month

Administrative:
Executive salaries $13,412 per month
Depreciation of Office Equipment $922 per month
Clerical $2,485 per month, plus $35 per buggy sold
Insurance $710 per month

During November, the company sold and delivered 55 buggies.

Required:
1. Prepare a traditional income statement for November. (Input all amounts as positive value except losses which should be indicated by a minus sign.)
2. Prepare a contribution format income statement for November. (Input all amounts as positive value except losses which should be indicated by a minus sign.)
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