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Haaki Shop, Inc., is a large retailer of surfboards. The company assembled the information shown below for the quarter ended May 31:

		Amount
Total sales revenue	$	1,271,000
Selling price per surfboard	$	410
Variable selling expense per surfboard	$	47
Variable administrative expense per surfboard	$	16
Total fixed selling expense	$	145,000
Total fixed administrative expense	$	115,000
Merchandise inventory, beginning balance	$	75,000
Merchandise inventory, ending balance	$	115,000
Merchandise purchases	$	310,000

Required:
1.	Prepare a traditional income statement for the quarter ended May 31. (Input all amounts as positive values except losses which should be indicated by a minus sign.)

Haaki Shop, Inc. Traditional Income Statement
(Click to select)Merchandise inventory, ending balanceSalesMerchandise purchasesCost of goods soldMerchandise inventory, beginning balance		$
(Click to select)Cost of goods soldSalesMerchandise inventory, beginning balanceMerchandise inventory, ending balanceMerchandise purchases
(Click to select)Contribution marginNet operating incomeNet operating lossGross margin
Selling and administrative expenses:
(Click to select)Selling expensesAdministrative expensesMerchandise purchasesCost of goods soldSales
(Click to select)Selling expensesAdministrative expensesSalesMerchandise purchasesCost of goods sold
(Click to select)Gross marginNet operating lossNet operating incomeContribution margin		$

2.	Prepare a contribution format income statement for the quarter ended May 31.(Input all amounts as positive values except losses which should be indicated by a minus sign.)

Haaki Shop, Inc. Contribution Format Income Statement
(Click to select)Selling expensesSalesCost of goods soldInsuranceAdministrative expenses		$
Variable expenses:
(Click to select)Selling expensesInsuranceCost of goods soldAdministrative expensesSales	$
(Click to select)InsuranceSalesCost of goods soldSelling expensesAdministrative expenses
(Click to select)InsuranceSalesSelling expensesAdministrative expensesCost of goods sold
(Click to select)Gross marginNet operating lossNet operating incomeContribution margin
Fixed expenses:
(Click to select)Cost of goods soldInsuranceSalesAdministrative expensesSelling expenses
(Click to select)InsuranceCost of goods soldSalesSelling expensesAdministrative expenses
(Click to select)Contribution marginGross marginNet operating incomeNet operating loss		$

3.	What was the contribution toward fixed expenses and profits for each surfboard sold during the quarter?(Round your answer to the nearest dollar amount.)

Contribution towards fixed expenses and profits

$ per surfboard

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