Please help me. Thankyou. Part 3a: Income Statement3a. Prepare an income statement for Andrews Sporting Goods, Inc. for the coming year.Andrews Sporting Goods Inc.Income StatementFor the Coming YearLine Item DescriptionSalesTotal variable costContribution marginTotal fixed costOperating incomeAmount570,00318,00252,00147,00105,00 Part 3b: Contribution Margin Ratio and Part 4: Margin of Safety3b. What is the overall contribution margin ratio? Use the contribution margin ratio to compute overall break-even sales revenue. (Note: Round the contribution margin ratio to the nearest whole percent; round the break-even sales revenue to the nearest dollar.)Overall contribution margin ratioOverall break-even sales revenue4. Compute the margin of safety for the coming year in sales dollars.$ 237,496 XFeedback44332,504✓ %X✓ Check My Work3b. Divide total contribution margin by sales. Divide total fixed costs by contribution margin ratio.4. Compute the difference between expected sales and break-even sales.

Break even point is the level of sales at which there is no profit and no loss. Break even point can…

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Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter4: Accounting For Retail Operations

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3a. Prepare an income statement for Andrews Sporting Goods, Inc. for the coming year. Andrews Sporting Goods Inc. Income Statement For the Coming Year Line Item Description Sales Total variable cost Contribution margin Total fixed cost Operating income Amount 570,00 318,00 252,00 147,00 105,00