Neeley Incorporated had the following fixed costs:
The company also had the following variable costs:
Variable manufacturing costs $ 124,000
Variable marketing costs $ 30,000
Variable administrative costs $ 28,000
The company produced and sold 55,000 units of the product during the year at a selling price of $9.00 per unit. The company had no inventory at the beginning of the year.
Required: Prepare a contribution margin income statement for the year.

Question

Neeley Incorporated had the following fixed costs:
  The company also had the following variable costs:
Variable manufacturing costs $ 124,000
Variable marketing costs $ 30,000
Variable administrative costs $ 28,000
The company produced and sold 55,000 units of the product during the year at a selling price of $9.00 per unit. The company had no inventory at the beginning of the year.
Required: Prepare a contribution margin income statement for the year.

Quizplus · Accepted Answer

The Answer of Neeley Incorporated had the following fixed costs:
  The company also had the following variable costs:
Variable manufacturing costs $ 124,000
Variable marketing costs $ 30,000
Variable administrative costs $ 28,000
The company produced and sold 55,000 units of the product during the year at a selling price of $9.00 per unit. The company had no inventory at the beginning of the year.
Required: Prepare a contribution margin income statement for the year.

Neeley Incorporated Had the Following Fixed Costs