Brief Exercise $11-3($Algo$)$ Contribution margin income statement LO $11-3$

Lite Packs Company $($LPC$)$ makes and sells ultra$-$light backpacks. During Year $1,$ LPC sold $1,600$ backpacks for $$51$ each. Each backpack has a variable cost of $$28$ and the company had total fixed cost $$5,400.$

Required:

Prepare a contribution format income statement for Lite Packs Company.

$\backslash$table$[[$LITE PACKS COMPANY,$],[$Income Statement,$],[$Accounts payable,$],[,],[,$$