Cosgrove Company, Inc. is a wholesaler that distributes a single product. The company's revenues and expenses for the last three months are given below:
Cosgrove Company
Traditional Format Income Statement
For the Three Months Ended June 30
April
May
June
Sales in Units
3,000
3,750
4,500
Sales Revenue
420,000
525,000
630,000
Cost of Goods Sold
168,000
210,000
252,000
Gross Margin
315,000
378,000
Selling and Administrative Expenses:
Shipping Expense
44,000
50,000
56,000
Advertising Expense
70,000
Salaries and Commissions
107,000
125,000
143,000
Insurance Expense
9,000
Depreciation Expense
42,000
Total Selling and Administrative Expenses
272,000
296,000
320,000
Net Operating Income (Loss)
$(20,000)
$19,000
$58,000
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