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