please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image) alaxy Sports Inc. manufactures and sells two styles of All Terrain Vehicles (ATVs), the Conquistador and Hurricane, from a single manufacturing facility. The manufacturing facility operates at 100% of capacity. The following per-unit information is available for the two products: ConquistadorHurricaneSales price$4,600 $3,000 Variable cost of goods sold(2,900) (2,010) Manufacturing margin$1,700 $990 Variable selling expenses(780) (450) Contribution margin$920 $540 Fixed expenses(430) (220) Operating income$490 $320 In addition, the following sales unit volume information for the period is as follows: ConquistadorHurricaneSales unit volume3,600 2,700 Question Content Areaa. Prepare a contribution margin by product report. Compute the contribution margin ratio for each product as a whole percent. ConquistadorHurricaneContribution marginCost of goods soldDirect laborGross profitSalesSales$Sales$SalesFixed cost of goods soldFixed selling expensesManufacturing marginSalesVariable cost of goods soldVariable cost of goods soldVariable cost of goods soldVariable cost of goods soldContribution marginCost of goods soldFixed manufacturing costsGross profitManufacturing marginManufacturing margin$Manufacturing margin$Manufacturing marginFixed cost of goods soldFixed selling expensesManufacturing marginSalesVariable selling expensesVariable selling expensesVariable selling expensesVariable selling expensesContribution marginCost of goods manufacturedFixed manufacturing costsFixed salesManufacturing marginContribution margin$Contribution margin$Contribution marginContribution margin ratioFixed manufacturing costsFixed salesManufacturing marginVariable cost of goods soldContribution margin ratioContribution margin ratio%Contribution margin ratio%

Income statement is one of the financial statements that shows profitability, total revenue and…

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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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Question Content Area

a. Prepare a contribution margin by product report. Compute the contribution margin ratio for each product as a whole percent.

	Conquistador	Hurricane
Contribution marginCost of goods soldDirect laborGross profitSalesSales	$Sales	$Sales
Fixed cost of goods soldFixed selling expensesManufacturing marginSalesVariable cost of goods soldVariable cost of goods sold	Variable cost of goods sold	Variable cost of goods sold
Contribution marginCost of goods soldFixed manufacturing costsGross profitManufacturing marginManufacturing margin	$Manufacturing margin	$Manufacturing margin
Fixed cost of goods soldFixed selling expensesManufacturing marginSalesVariable selling expensesVariable selling expenses	Variable selling expenses	Variable selling expenses
Contribution marginCost of goods manufacturedFixed manufacturing costsFixed salesManufacturing marginContribution margin	$Contribution margin	$Contribution margin
Contribution margin ratioFixed manufacturing costsFixed salesManufacturing marginVariable cost of goods soldContribution margin ratio	Contribution margin ratio%	Contribution margin ratio%

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	Conquistador	Hurricane
Sales price	$4,600		$3,000
Variable cost of goods sold	(2,900)		(2,010)
Manufacturing margin	$1,700		$990
Variable selling expenses	(780)		(450)
Contribution margin	$920		$540
Fixed expenses	(430)		(220)
Operating income	$490		$320