Traditional and Contribution Format Income Statements
Haaki Shop, Inc., is a large retailer of surfboards. The company assembled the information shown below for the quarter ended May 31:
1. Prepare a traditional income statement for the quarter ended May 31.
2. Prepare a contribution format income statement for the quarter ended May 31.
3. What was the contribution toward fixed expenses and profits for each surfboard sold during the quarter? (State this figure in a single dollar amount per surfboard.)
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