The following costs result from the production and sale of 5,000 drum sets manufactured by Tight Drums Company for the year ended December 31, 2015. The drum sets sell for $350 each. The company has a 25% income tax rate. Variable production costs Plastic for casing Wages of assembly workers Drum stands Variable selling costs Sales commissions Fixed manufacturing costs Taxes on factory Factory maintenance Factory machinery depreciation Fixed selling and administrative costs Lease of equipment for sales staff Accounting staff salaries Administrative management salaries Sales Variable costs: Total variable costs. Contribution margin Fixed costs $ 185,000 510,000 230,000 Total fixed costs 175,000 5,000 10,000 70,000 10,000 Required: 1. Prepare a contribution margin income statement for the company. 60,000 140,000 TIGHT DRUMS COMPANY Contribution Margin Income Statement For Year Ended December 31, 2015 $

The following costs result from the production and sale of 5,000 drum sets manufactured by Tight Drums Company for the year ended December 31, 2015. The drum sets sell for $350 each. The company has a 25% income tax rate. Variable production costs Plastic for casing Wages of assembly workers Drum stands Variable selling costs Sales commissions Fixed manufacturing costs Taxes on factory Factory maintenance Factory machinery depreciation Fixed selling and administrative costs Lease of equipment for sales staff Accounting staff salaries Administrative management salaries Sales Variable costs: Total variable costs. Contribution margin Fixed costs $ 185,000 510,000 230,000 Total fixed costs 175,000 5,000 10,000 70,000 10,000 Required: 1. Prepare a contribution margin income statement for the company. 60,000 140,000 TIGHT DRUMS COMPANY Contribution Margin Income Statement For Year Ended December 31, 2015 $

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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