Question: Prepare a contribution margin income statement for X-Ray Manufacturing using the following information: Sales $4,729,302 Fixed overhead 1,382,842 Direct labor 487,202 Direct materials 678,302 Selling
Prepare a contribution margin income statement for X-Ray Manufacturing using the following information:
| Sales | $4,729,302 |
| Fixed overhead | 1,382,842 |
| Direct labor | 487,202 |
| Direct materials | 678,302 |
| Selling expenses | 378,972 |
| Administrative expenses | 482,731 |
| Variable overhead | 248,528 |
| Interest expense | 127,456 |
| Income tax | 330,144 |
| X-Ray Manufacturing | ||
|---|---|---|
| Contribution Margin Income Statement | ||
| Sales | Amount | |
| Variable costs: | ||
| Item | Amount | |
| Item | Amount | |
| Item | Amount | |
| Total variable costs | Amount | |
| Contribution margin | Amount | |
| Item | Amount | |
| Gross margin | Amount | |
| Item | Amount | |
| Item | Amount | |
| Total selling and administrative expenses | Amount | |
| Operating income | Amount | |
| Item | Amount | |
| Income before taxes | Amount | |
| Item | Amount | |
| Income before taxes | Amount | |
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