The Magic Freeze Ice Cream Shoppe sold 9,100 servings of ice cream during June for...
50.1K
Verified Solution
Link Copied!
Question
Accounting
The Magic Freeze Ice Cream Shoppe sold 9,100 servings of ice cream during June for $4 per serving. The shop purchases the ice cream in large tubs from the BlueBell Ice Cream Company. Each tub costs the shop $15 and has enough ioe cream to fill 30 ice cream cones. The shop purchases the ice cream cones for $0.15 each from a local warehouse club. Located in an outdoor mall, the rent for the shop space is $1,600 per month. The shop expenses $230 a month for the depreciation of the shop's fumiture and equipment. During June, the shop incurred an additional $2.700 of other operating expenses 75% of these were fixed costs . Requirements 1. Prepare The Magic Freeze lce Cream Shoppe's June income statement using a traditional format. 2. Prepare The Magic Freeze lce Cream Shoppe's June income statement using a contribution margin format
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
