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Question - Assume Jacob Garzon sales his photographs for $20 each and incurs the variable expenses per photograph shown below.
Cost of goods sold 6.00
Salaries and wages expense 2.00
Postage expense 1.50
Assume his fixed expenses are as follows:
Cost of goods sold $4,000
Advertising $ 600
Salaries and wages expense $10,000
Insurance expense $1,500
Depreciation expense $1,300
Prepare a contribution format income statement assuming Jacob sells 4,000 photographs. You can prepare the income statement in WORD or EXCEL.
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