The Following Data Has Been Provided by Zimtex,Inc There Are No Beginning Inventories

Essay

The following data has been provided by Zimtex,Inc.for the year.
$$\begin{array} { | l | r | r|} \hline \text { Units produced and sold } & 5,500 &\text { units } \\\hline \text { Sales price } & \$ 300& \text { per unit } \\\hline \text { Direct materials } & \$ 90& \text { per unit } \\\hline \text { Direct labor } & \$ 50& \text { per unit } \\\hline \text { Variable manufacturing overhead } & \$ 40& \text { per unit } \\\hline \text { Fixed manufacturing overhead } & \$ 110,000 &\text { per year } \\\hline \text { Fixed selling and administrative costs } & \$ 150,000& \text { per year } \\\hline\end{array}$$ There are no beginning inventories.Prepare an income statement using the contribution margin format.