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A Calgary manufacturer, Horseshoe Co., sold 50,000 pairs of horse shoes in 2011. Below is a partial list of the company accounts: Sales Direct materials used Direct Labour Variable Manufacturing Overhead Fixed Manufacturing Overhead Variable Selling and Admin Expenses Fixed Selling and Admin Expenses $ $ $ $ $ $ $ There are 3,000 units in inventory at the beginning of the year and 4,000 units in inventory at the end of the year. The company uses variable costing. There has been no change in the variable cost per unit from 2010 to 2011. 51,000 units were manufactured in 2011. 980,000 600,000 150,000 117,000 45,000 10,000 20,000 Prepare a Contribution Format Income Stateme PREPARE A CONTRIBUTION FORMAT INCOME STATEMENT

A Calgary manufacturer, Horseshoe Co., sold 50,000 pairs of horse shoes in 2011. Below is a partial list of the company accounts: Sales Direct materials used Direct Labour Variable Manufacturing Overhead Fixed Manufacturing Overhead Variable Selling and Admin Expenses Fixed Selling and Admin Expenses $ $ $ $ $ $ $ There are 3,000 units in inventory at the beginning of the year and 4,000 units in inventory at the end of the year. The company uses variable costing. There has been no change in the variable cost per unit from 2010 to 2011. 51,000 units were manufactured in 2011. 980,000 600,000 150,000 117,000 45,000 10,000 20,000 Prepare a Contribution Format Income Stateme PREPARE A CONTRIBUTION FORMAT INCOME STATEMENT

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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A Calgary manufacturer, Horseshoe Co., sold 50,000 pairs of horse shoes in 2011. Below is a partial list of the company accounts: Sales Direct materials used Direct Labour Variable Manufacturing Overhead Fixed Manufacturing Overhead Variable Selling and Admin Expenses Fixed Selling and Admin Expenses $ $ $ $ $ $ $ There are 3,000 units in inventory at the beginning of the year and 4,000 units in inventory at the end of the year. The company uses variable costing. There has been no change in the variable cost per unit from 2010 to 2011. 51,000 units were manufactured in 2011. 980,000 600,000 150,000 117,000 45,000 10,000 20,000 Prepare a Contribution Format Income Statement PREPARE A CONTRIBUTION FORMAT INCOME STATEMENT
Transcribed Image Text:A Calgary manufacturer, Horseshoe Co., sold 50,000 pairs of horse shoes in 2011. Below is a partial list of the company accounts: Sales Direct materials used Direct Labour Variable Manufacturing Overhead Fixed Manufacturing Overhead Variable Selling and Admin Expenses Fixed Selling and Admin Expenses $ $ $ $ $ $ $ There are 3,000 units in inventory at the beginning of the year and 4,000 units in inventory at the end of the year. The company uses variable costing. There has been no change in the variable cost per unit from 2010 to 2011. 51,000 units were manufactured in 2011. 980,000 600,000 150,000 117,000 45,000 10,000 20,000 Prepare a Contribution Format Income Statement PREPARE A CONTRIBUTION FORMAT INCOME STATEMENT
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