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Question - Letter Co. produces and sells two products, T and O. It manufactures these products in separate factories and markets them through different channels. They have no shared costs. This year, the company sold 46,000 units of each product. Sales and costs for each product follow.
Product T
Product O
Sales
$800,400
Variable costs
640,320
160,080
Contribution margin
Fixed costs
32,080
512,320
Income before taxes
128,000
Income taxes (35% rate)
44,800
Net income
$83,200
Assume that the company expects sales of each product to increase to 60,000 units next year with no change in unit sales price. Prepare forecasted financial results for next year following the format of the contribution margin income statement shown with columns for each of the two products (assume a 35% tax rate).
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