Head First Company plans to sell 5,000 bicycle helmets at $75 each in the coming year.

Product costs includes

Direct materials per helmet $30

Direct labor per helmet 8

Variable factory overhead per helmet

Total fixed factory overhead 20,000

Variable selling expense is a commission of $3 per helmet, fixed selling and administrative expense totals $29,500

Required

Prepare a contribution margin income statement for Head First Company for the coming year