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Fletcher Corporation prepared the following income statement for the fourth quarter in 2020. Sales revenue (32,000 units) Less: Costs of goods sold Gross margin Less: Selling & administrative expenses Net income $940,000 591,600 348,400 186,600 $161,800 Fletcher's annual fixed manufacturing expenses, incurred uniformly each quarter amount to $839,400; it also pays a sales commission of $3 per unit to its sales personnel. Required: Prepare a contribution margin income statement for the fourth quarter in 2020. (Round "Per-unit dollars" to 2 decimal places and "Percentages of sales" to 1 decimal place.) FLETCHER CORPORATION

Fletcher Corporation prepared the following income statement for the fourth quarter in 2020. Sales revenue (32,000 units) Less: Costs of goods sold Gross margin Less: Selling & administrative expenses Net income $940,000 591,600 348,400 186,600 $161,800 Fletcher's annual fixed manufacturing expenses, incurred uniformly each quarter amount to $839,400; it also pays a sales commission of $3 per unit to its sales personnel. Required: Prepare a contribution margin income statement for the fourth quarter in 2020. (Round "Per-unit dollars" to 2 decimal places and "Percentages of sales" to 1 decimal place.) FLETCHER CORPORATION

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Fletcher Corporation prepared the following income statement for the fourth quarter in 2020. Sales revenue (32,000 units) Less: Costs of goods sold Gross margin Less: Selling & administrative expenses Net income $940,000 591,600 Fletcher's annual fixed manufacturing expenses, incurred uniformly each quarter, amount to $839,400; it also pays a sales commission of $3 per unit to its sales personnel. Less: Variable costs 348,400 186,600 $161,800 Required: Prepare a contribution margin income statement for the fourth quarter in 2020. (Round "Per-unit dollars" to 2 decimal places and "Percentages of sales" to 1 decimal place.) Less: Fixed costs FLETCHER CORPORATION Contribution Margin Income Statement For the Fourth Quarter in 2020
Transcribed Image Text:Fletcher Corporation prepared the following income statement for the fourth quarter in 2020. Sales revenue (32,000 units) Less: Costs of goods sold Gross margin Less: Selling & administrative expenses Net income $940,000 591,600 Fletcher's annual fixed manufacturing expenses, incurred uniformly each quarter, amount to $839,400; it also pays a sales commission of $3 per unit to its sales personnel. Less: Variable costs 348,400 186,600 $161,800 Required: Prepare a contribution margin income statement for the fourth quarter in 2020. (Round "Per-unit dollars" to 2 decimal places and "Percentages of sales" to 1 decimal place.) Less: Fixed costs FLETCHER CORPORATION Contribution Margin Income Statement For the Fourth Quarter in 2020
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