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Question - Last month Virgie Company sold its product for $60 per unit.
Fixed production costs- $40,000
Variable production cost- $15 per unit
Fixed selling and administrative costs- $26,000
Variable selling and administrative costs- $5 per unit.
Virgie Company produced and sold 7,000 units last month.
Required -
1. Present a traditional income statement for Virgie Company.
2. Present a contribution margin income statement for Virgie Company.
3. Why do companies use the contribution margin income statement format?
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