Pat's Quilt Shoppe sells homemade Amish quilts. Pat buys the quilts from local Amish artisans...
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Pat's Quilt Shoppe sells homemade Amish quilts. Pat buys the quilts from local Amish artisans for $230 each, and her shop sells them for $430 each. She also pays a sales commission of 8% of sales revenue to her sales staff. Pat leases her country-style shop for $1,500 per month and pays $1,700 per month in payroll costs in addition to the sales commissions. Pat sold 80 quilts in February. Prepare Pat's traditional income statement and contribution margin income statement for the month. Prepare the traditional income statement for the month
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