Suppose a firm provides you with the following information for the most recent period of operations: (a) Sales = 500 units; (b) Revenues= $15,000; (c) Variable manufacturing costs= $5,000; (d) Variable selling and administrative costs= $1,000; (e) Fixed manufacturing costs= $6,000, and; (f) Fixed selling and administrative costs= $2,000.
Calculate both the unit contribution margin and contribution margin, and prepare a contribution margin statement.