Fanelli Corporation, a merchandising company, reported the following results for July:
Cost of goods sold is a variable cost in this company.
Required:a. Prepare a traditional format income statement for July.b. Prepare a contribution format income statement for July.

Question

Fanelli Corporation, a merchandising company, reported the following results for July:
  Cost of goods sold is a variable cost in this company.
Required:a. Prepare a traditional format income statement for July.b. Prepare a contribution format income statement for July.

Quizplus · Accepted Answer

The Answer of Fanelli Corporation, a merchandising company, reported the following results for July:
  Cost of goods sold is a variable cost in this company.
Required:a. Prepare a traditional format income statement for July.b. Prepare a contribution format income statement for July.

Fanelli Corporation, a Merchandising Company, Reported the Following Results for July