Solution-Prepare a contribution format income statement for

Prepare a contribution format income statement for last year

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Reference no: EM132649336

Oriole sells T-shirts imprinted with high school names and logos. Last year the shirts sold for $26 each, and variable costs were $9.00 per shirt. At this cost structure, the breakeven point was 144,000 shirts. However, the company actually earned $30,600 in net income.

This year, the company is increasing its price to $28 per shirt. Variable costs per shirt will increase by 20%, and fixed expenses will increase by $67,660. The tax rate will remain at 40%.

Problem 1: Prepare a contribution format income statement for last year. (Round per unit computations to 2 decimal places, e.g. 0.38.)

Reference no: EM132649336

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Prepare a contribution format income statement for last year

Reference no: EM132649336

Reference no: EM132649336

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