Redhawk, Inc., is a merchandiser that provided the following information:
Number of units sold ———– 10,000
Selling price per unit ———- $15
Variable selling expense per unit—$2
Variable administrative expense per unit ——— $1
Total fixed selling expense ——– $20,000
Total fixed administrative expense ——– $15,000
Merchandise inventory, beginning balance ——— $12,000
Merchandise inventory, ending balance ———— $22,000
Merchandise purchases ———– $90,000
Required:
1. Prepare a traditional income statement
2. Prepare a contribution format income statement
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