Colen Corporation produces and sells a single product.
In January, the company sold 1,700 units.
Its total sales were $153,000, its total variable costs were $79,900, and its total fixed costs were $56,800.
Prepare the company's contribution format income statement for January 2015, in good form.
Contribution Format Income Statement:
On a contribution format income statement, variable costs are listed separately from fixed costs. Under the United States Generally Accepted Accounting Principles (GAAP), the contribution format is not allowed. Companies use them internally to analyze costs.
Answer and Explanation:
|Contribution Format Income Statement|
|For the Month Ended January 31, 2015|
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from Accounting 301: Applied Managerial AccountingChapter 8 / Lesson 3