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China Imports Inc. sold 10,000 units in May. Per unit selling price and variable expense were $23 and $15, respectively. Fixed expense incurred for May totaled $55,000. Required: Prepare the May income statement for China Imports in the contribution margin format.

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Answer:

Net operating income= $25,000

Explanation:

Giving the following information:

Units sold= 10,000

Selling price= $23

Unitary variable cost= $15

Fixed costs= $55,000

Contribution format income statement:

Sales= 10,000*23= 230,000

Total variable cost= 10,000*15= (150,000)

Total contribution margin= 80,000

Fixed expense= (55,000)

Net operating income= 25,000

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