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Contribution margin format

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Reference no: EM13913984

Mason Company has the following selected data for the current year:

Sales (10,000 units)    $90,000

Direct materials     $45,000

Direct labor costs $15,000

Variable manufacturing overhead $5,250

Fixed manufacturing overhead    $11,250

Variable selling and administrative expenses $3,750

Fixed selling and administrative expenses    $22,500

The company produced and sold 10,000 units. Direct materials and direct labor are variable costs.

Requirements:

a. Prepare an income statement for the current year using the contribution margin format.

b. Prepare an income statement for the current year using the traditional format.

Reference no: EM13913984

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