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Q1) During 2007 company produced 120,000 units and sold 145,000 units. Suppose same unit costs in all years. Total variable costs on company's 2007 contribution income statement will be?

Magic Screen's contribution income statement using variable costing listed below:

Sales ($30/unit)   $1,200,000
Less variable costs:    
COGS 800,000  
Selling & Admin 40,000 840,000
Contribution Margin   360,000
Fixed overhead 98,000  
Fixed Selling & Admin 170,000 268,000
Net Income   $92,000

Magic Screen Company Income Statement For Year Ended December 31, 2007

Magic Screen Company manufactured 49,000 units in the year. Variable and fixed production costs have remained constant complete year. There were no beginning inventories.

Hint:  Variable cost per unit is $0.25

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