Brief Exercise 11-3 (Algo) Contribution margin income statement LO 11-3 Lite Packs Company (LPC) makes and sells ultra-light backpacks. During Year 1, LPC sold 1,600 backpacks for $51 each. Each backpack has a variable cost of $28 and the company had total fixed cost $5,400. Required: Prepare a contribution format income statement for Lite Packs Company. LITE PACKS COMPANY Income Statement Accounts payable $ 0 EA $ 0
Brief Exercise 11-3 (Algo) Contribution margin income statement LO 11-3 Lite Packs Company (LPC) makes and sells ultra-light backpacks. During Year 1, LPC sold 1,600 backpacks for $51 each. Each backpack has a variable cost of $28 and the company had total fixed cost $5,400. Required: Prepare a contribution format income statement for Lite Packs Company. LITE PACKS COMPANY Income Statement Accounts payable $ 0 EA $ 0
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
![Brief Exercise 11-3 (Algo) Contribution margin income statement LO 11-3
Lite Packs Company (LPC) makes and sells ultra-light backpacks. During Year 1, LPC sold 1,600 backpacks for $51 each. Each backpack
has a variable cost of $28 and the company had total fixed cost $5,400.
Required:
Prepare a contribution format income statement for Lite Packs Company.
LITE PACKS COMPANY
Income Statement
Accounts payable
$
0
EA
$
0](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ffa24677f-502a-404a-8d86-ccfae21eb7ff%2Fc670f7fc-7611-48b4-b188-1c6449164abc%2Fyrd9g1_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Brief Exercise 11-3 (Algo) Contribution margin income statement LO 11-3
Lite Packs Company (LPC) makes and sells ultra-light backpacks. During Year 1, LPC sold 1,600 backpacks for $51 each. Each backpack
has a variable cost of $28 and the company had total fixed cost $5,400.
Required:
Prepare a contribution format income statement for Lite Packs Company.
LITE PACKS COMPANY
Income Statement
Accounts payable
$
0
EA
$
0
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