Lite Packs Company (LPC) makes and sells ultra-light backpacks. During Year 1, LPC sold 1,540 backpacks for $58 each. Each backpack has a variable cost of $24 and the company had total fixed cost $5,000 Required: Prepare a contribution format income statement for Lite Packs Company.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Lite Packs Company (LPC) makes and sells ultra-light backpacks. During Year 1, LPC sold
1,540 backpacks for $58 each. Each backpack has a variable cost of $24 and the company had
total fixed cost $5,000 Required: Prepare a contribution format income statement for Lite
Packs Company.
Transcribed Image Text:Lite Packs Company (LPC) makes and sells ultra-light backpacks. During Year 1, LPC sold 1,540 backpacks for $58 each. Each backpack has a variable cost of $24 and the company had total fixed cost $5,000 Required: Prepare a contribution format income statement for Lite Packs Company.
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