Mr. Cheung has instructed his chief accountant to prepare a contribution income statement showing the...
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Mr Cheung has instructed his chief accountant to prepare a contribution income statement showing the comparison of the actual performance for the year ended December with the master budget. The master budget was fixed at the beginning of the year The company's costing system for manufacturing has two directcost categories direct material and direct labourboth variable and two production overhead cost categories variable and fixed manufacturing overhead Assume there were no beginning and ending inventory. The division adopts direct labour hours as the allocation base for manufacturing overhead. The contribution income statement ignore nonproduction cost and other information is shown below.
tabletableContribution Income StatementStaticBudgetActualNumber of units produced and sold,$$
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