For the month of August 19A, Updike Co. presented the following income statement:
UPDIKE CO.
Income Statement
For the Month Ended August 31, 19A
|
Sales (1,000 units @ $50) |
$50,000 |
|
Less: Cost of Goods Sold (60% variable) |
20,000 |
|
Gross Margin |
$30,000 |
|
Less: Operating Expenses |
|
|
Selling and Administrative (30% variable) |
25,000 |
|
Net Income |
$ 5,000 |
Recast the income statement in contribution format.