Crane sells T-shirts imprinted with high school names and logos. Last year the shirts sold for $26 each, and variable costs were $14.00 per shirt. At this cost structure, the breakeven point was 45,000 shirts. However, the company actually earned $21,600 in net income. This year, the company is increasing its price to $28 per shirt. Variable costs per shirt will increase by Unresolved%, and fixed expenses will increase by $1,107,240. The tax rate will remain at 40%.

Your answer is partially correct. Prepare a contribution format income statement for last year. (Round per unit computations to 2 decimal places, e.g. 0.38.) Crane Contribution Income Statement Total Per unit Sales $ $ 26 Variable Expenses 14 i Contribution Margin $ 12 Fixed Expenses Operating Income Income Tax Net Income/(Loss) $ 21600 e Textbook and Media Assistance Used Attempts: unlimited Submit Answer Save for Later Last saved 25 seconds ago. Saved work will be auto-submitted on the due date