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Recast the income statement in contribution format

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Reference no: EM13512954

For the month of August 19A, Updike Co. presented the following income statement:

UPDIKE CO.

Income Statement

For the Month Ended August 31, 19A

Sales (1,000 units @ $50)

$50,000

Less: Cost of Goods Sold (60% variable)

20,000

Gross Margin

$30,000

Less: Operating Expenses

Selling and Administrative (30% variable)

25,000

Net Income

$ 5,000

Recast the income statement in contribution format.

 

Reference no: EM13512954

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