Question: 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 1,670

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 1,670 backpacks for $53 each. Each backpack has a variable cost of $26 and the company had total fixed cost $5,700. Required: Prepare a contribution format income statement for Lite Packs Company. LITE PACKS COMPANY Income Statement $ $ 0 0

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 soid 1,670 backpacks for $53 each. Each backpack has a variable cost of $26 and the company had total fixed cost $5,700 Required: Prepare a contribution format income statement for Lite Packs Company

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