Question

The Old Fashioned Ice Cream Shoppe sold 8,800 servings of ice cream during June for $...

The Old Fashioned Ice Cream Shoppe sold 8,800 servings of ice cream during June for $ 4 per serving. The shop purchases the ice cream in large tubs from the Georgia Ice Cream Company. Each tub costs the shop $ 14 and has enough ice cream to fill 28 ice cream cones. The shop purchases the ice cream cones for $ 0.10 each from a local warehouse club. Located in an outdoor? mall, the rent for the shop space is $ 1,900 per month. The shop expenses $ 250 a month for the depreciation of the? shop's furniture and equipment. During? June, the shop incurred an additional $ 2,600 of other operating expenses ?(75?% of these were fixed? costs).

Requirements

Prepare the Old Fashioned Ice Cream Shoppe’s June income statement using a traditional format.

Prepare the Old Fashioned Ice Cream Shoppe’s June income statement using a contribution margin.

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