Gross Margin and Contribution Margin Income Statements
Tosca Beverages reports the following information for July:

Required
Prepare:
a. A gross margin income statement.
b. Acontribution margin income statement.

Transcribed Image Text:

Units produced and sold Per unit revenue and costs: Sales revenue Direct material costs Direct labor costs... Variable manufacturing overhead Fixed manufacturing overhead Variable marketing and administrative costs Fixed marketing and administrative costs 23,500 $8.00 0.55 0.30 0.15 2.30 1.20 2.90