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