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J Concord, Ltd. is a local coat retailer. The store's accountant prepared the following income...

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Accounting

J Concord, Ltd. is a local coat retailer. The store's accountant prepared the following income statement for the month ended January 31:
Sales revenue
$763,000
Cost of goods sold
Gross margin
549,360213,640
Operating expenses
Selling expense
$24,260
Administrative expense
50,560
Concord sells its coats for $250 each. Selling expenses consist of fixed costs plus a commission of $6.50 per coat. Administrative expenses consist of fixed costs plus a variable component equal to 5% of sales.
(a)
Prepare a contribution format income statement for January. (Round per unit cost to 2 decimal places, eg.52.75 and all other answers to 0
decimal places, e.g.5,275.)
Prepare a contribution format income statement for January. (Round per unit cost to 2 decimal places, e.g.52.75 and all other answers to 0 decimal places, e.g.5,275.)
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