N2.Prepare a contribution format income statement A Calgary manufacturer, Horseshoe Co., sold 50,000 pairs of horse shoes in 2011. Below is apartial list of the company accounts:SalesDirect materials usedDirect LabourVariable Manufacturing OverheadFixed Manufacturing OverheadVariable Selling and Admin ExpensesFixed Selling and Admin Expenses$es es es es$$$$es es es$$There are 3,000 units in inventory at the beginning of the year and4,000 units in inventory at the end of the year. The company usesvariable costing. There has been no change in the variable cost per unitfrom 2010 to 2011. 51,000 units were manufactured in 2011.980,000600,000150,000117,00045,00010,00020,000

income Statement: The income Statement shows the details of variable cost fixed cost selling revenue…

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 $ $ $ $ $ $ ess $ 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

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 $ $ $ $ $ $ ess $ 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

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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