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A) i) Explain the importance of preparing both traditional and contribution format income statements....

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Accounting

A)

i) Explain the importance of preparing both traditional and contribution format income statements.

ii) Describe how costs need to be classified while preparing a traditional format income statement and a contribution format income statement.

B) In computing the predetermined overhead rate for last year, the company misclassified a portion of direct labour cost as indirect labour. What would be the effect of this misclassification on the predetermined overhead rate? Explain

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