The following costs result from the production and sale of 4,350 drums manufactured by Tight Drums Company for the year ending December 31, 2017. The drums sell for $285 each. The company has an income tax rate of 40%. Variable production costs Plastic for casing Salaries of assembly workers. Drum stands Variable sales costs Sales commissions Fixed manufacturing costs factory taxes factory maintenance Depreciation of factory machinery Fixed sales and administration costs. Leasing of equipment for sales personnel. Accounting staff salaries. Administrative management salaries $ 104,400 387,150 143,550 95,700 13,500 27,000 87,000 27,000 77,000 157,000 Required: 1. Prepare an income statement of the company's contribution margin. 2. Calculate your contribution margin per unit and your contribution margin ratio.

The following costs result from the production and sale of 4,350 drums manufactured by Tight Drums Company for the year ending December 31, 2017. The drums sell for $285 each. The company has an income tax rate of 40%. Variable production costs Plastic for casing Salaries of assembly workers. Drum stands Variable sales costs Sales commissions Fixed manufacturing costs factory taxes factory maintenance Depreciation of factory machinery Fixed sales and administration costs. Leasing of equipment for sales personnel. Accounting staff salaries. Administrative management salaries $ 104,400 387,150 143,550 95,700 13,500 27,000 87,000 27,000 77,000 157,000 Required: 1. Prepare an income statement of the company's contribution margin. 2. Calculate your contribution margin per unit and your contribution margin ratio.

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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