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Patricia s Quilt Shoppe sells homemade Amish quilts. Patricia buys the quilts from local Amish artisans for $230 each and her shop sells them for $380 each Patricia also pays a sales commission of

Patricia s Quilt Shoppe sells homemade Amish quilts. Patricia buys the quilts from local Amish artisans for $230 each, and her shop sells them for $380 each. Patricia also pays a sales commission of 10% of sales revenue to her sales staff. Patricia leases her country style shop for $800 per month and pays $1,200 per month in payroll costs in addition to the sales commissions. Patricia sold 75 quilts in February. Prepare Patricia s traditional income statement and contribution margin income statement for the month.

Apr 21 2020 View more View Less

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