William's Steel had the following fixed costs:
The company also had the following variable costs:
Variable manufacturing costs $ 1,980,000
Variable marketing costs $ 60,000
Variable administrative costs $ 95,000
During the year, the company produced and sold 55,000 units of the product at a selling price of $100.00 per unit. The company had no inventory at the beginning of the year.
Required: Prepare a contribution margin income statement for the year.

Question

William's Steel had the following fixed costs:
  The company also had the following variable costs:
Variable manufacturing costs $ 1,980,000
Variable marketing costs $ 60,000
Variable administrative costs $ 95,000
During the year, the company produced and sold 55,000 units of the product at a selling price of $100.00 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 William's Steel had the following fixed costs:
  The company also had the following variable costs:
Variable manufacturing costs $ 1,980,000
Variable marketing costs $ 60,000
Variable administrative costs $ 95,000
During the year, the company produced and sold 55,000 units of the product at a selling price of $100.00 per unit. The company had no inventory at the beginning of the year.
Required: Prepare a contribution margin income statement for the year.

William's Steel Had the Following Fixed Costs