J Bryant, Ltd. is a local coat retailer. The store’s accountant prepared the following income statement for the month ended January 31:
Bryant sells its coats for $200 each. Selling expenses consist of fixed costs plus a commission of $6 per coat. Administrative expenses consist of fixed costs plus a variable component equal to 6% of sales.
a. Prepare a contribution format income statement for January.
b. Using the format y = mx + b, develop a cost formula for total expenses.
c. If 4,000 coats are sold next month, what is the expected total contribution margin?
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