High Country, Inc., produces and sells many recreational products. The company has just opened a new plant to produce a folding camp cot that will be marketed throughout the United States. The following cost and revenue data relate to May, the first month of the plant's operation: Management is anxious to see how profitable the new camp cot will be and has asked that an income statement be prepared for May.
(b) Assume that the company uses variable costing. i. Determine the unit product cost. ii. Prepare a contribution format income statement for May.

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23-08-2022
Business

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High Country, Inc., produces and sells many recreational products. The company has just opened a new plant to produce a folding camp cot that will be marketed throughout the United States. The following cost and revenue data relate to May, the first month of the plant's operation: Management is anxious to see how profitable the new camp cot will be and has asked that an income statement be prepared for May.
(b) Assume that the company uses variable costing. i. Determine the unit product cost. ii. Prepare a contribution format income statement for May.

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khuranashilpa76 khuranashilpa76 · Answer 1 · 2022-09-04T14:31:33+02:00

High Country, Inc produces and sells many recreational products. The company has just opened a new plant to produce a folding camp cot that will be marketed throughout the United States.

Beginning inventory 0

Units produced 46,000

Units sold 41,000

Selling price per unit $82

Selling and administrative expenses:

Variable per unit $4

Fixed per month $ 555,000

Manufacturing costs:

Direct materials cost per unit $17

Direct labor cost per unit $9

Variable manufacturing overhead cost per unit $2

Fixed manufacturing overhead cost per month $ 828,000

Management is anxious to see how profitable the new camp cot will be and has asked that an income statement be prepared for May.

The contribution format is a presentation format used for the income announcement, where all variable fees are aggregated and deducted from revenue a good way to arrive at a contribution margin, and then all fixed charges are deducted from the contribution margin in order to arrive at the internet earnings or loss.

Learn more about Contribution here:-https://brainly.com/question/24962994

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