Home / Questions / The following is the income statement from Ajax Corporation, a merchandising firm. Ajax Corporation
The following is the income statement from Ajax Corporation, a merchandising firm.
Ajax Corporation Income Statement for the Most Recent Year
Cost of goods sold 900,000
Transport in 24,500
Gross margin $600,500
Administration costs 220,000
Selling costs 240,000
You learn that $18,000 in transport in represents fixed costs, and Ajax pays its sales persons a commission of 6%. That is, a person selling $1,000 worth of items would earn a commission of $60. All administration costs are fixed.
Prepare an income statement in the contribution margin format.
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