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[SOLVE] Question & Answer: The Alpine House, Inc., is a large retailer of snow skis. The company assembled the information shown below for the quarter end…..

Author: Client Uploads
February 16th, 2022

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 fioxed selling expense $ 861,000 410 45 17 $ 155,000 $ 105,000 $ 65,000 $ 105,000 $315,000 Total fixed administrative expense Beginning merchandise inventory Ending merchandise inventory Merchandise purchases Required: a. Prepare a traditional income statement for the quarter ended March 31 The Alpine House, Inc. Traditional Income Statement Selling and administrative expenses b. Prepare a contribution format income statement for the quarter ended March 31. (Round your answer to nearest whole dollar. The Alpine House, Inc. Contribution Format Income Statement Variable expenses: Fixed expenses c. What was the contribution toward fixed expenses and profits for each pair of skis sold during the quarter? (Round your answer to the nearest whole dollar.) Contribution of each pair of skis was

The Alpine House, Inc., is a large retailer of snow skis. The company assembled the information shown below for the quarter ended March 31: Prepare a traditional income statement for the quarter ended March 31. Prepare a contribution format income statement for the quarter ended March 31. (Round your answer to nearest whole dollar.) What was the contribution toward fixed expenses and profits for each pair of skis sold during the quarter? (Round your answer to the nearest whole dollar.)

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Expert Answer

a.

The Alpine House, Inc.
Traditional Income Statement
Sales revenue 861000
Cost of goods sold 275000
Gross profit 586000
Selling and administrative expenses:
Variable selling expenses (2100 x $45) 94500
Fixed selling expenses 155000
Variable administrative expenses (2100 x $17) 35700
Fixed administrative expenses 105000 390200
Net income 195800

b.

The Alpine House, Inc.
Contribution Format Income Statement
Sales revenue 861000
Variable expenses:
Cost of goods sold 275000
Selling expenses 94500
Administrative expenses 35700 405200
Contribution margin 455800
Fixed expenses:
Selling expenses 155000
Administrative expenses 105000 260000
Net income 195800

c. Contribution toward fixed expenses and profits for each pair of skis sold during the quarter = Contribution margin / Number of pairs of skis sold = $455800 / 2100 pairs = $217

Calculations:

Number of pairs of skis sold = Total sales revenue / Selling price per pair of skis = $861000 / 410 = 2100 pairs

Cost of goods sold:

Beginning merchandise inventory 65000
Add Merchandise purchases 315000
Cost of goods available for sale 380000
Less Ending merchandise inventory 105000
Cost of goods sold 275000

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