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Question - The following costs result from the production and sale of 4,050 drum sets manufactured by Vince Drum Company for the year ended December 31, 2011. The drum sets sell for $255 each. The company has a 30% income tax rate.
Variable production costs
Plastic for casing
$72,900
Wages of assembly workers
336,150
Drum stands
109,350
Variable selling costs
Sales commissions
64,800
Fixed manufacturing costs
Taxes on factory
10,500
Factory maintenance
21,000
Factory machinery depreciation
81,000
Fixed selling and administrative costs
Lease of equipment for sales staff
Accounting staff salaries
71,000
Administrative management salaries
151,000
Required:
Prepare a contribution margin income statement for the company.
Compute its contribution margin per unit.
Compute its contribution margin ratio.
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