Lite Packs Company $($LPC$)$ makes and sells ultra$-$light backpacks. During Year $1,$ LPC sold $1,500$ backpacks for $$50$ each. Each backpack has a variable cost of $$20$ and the company had total fixed cost $$5,000.$

Required:

Prepare a contribution format income statement for Lite Packs Company.

$\backslash$table$[[$LITE PACKS COMPANY$],[$Income Statement$],[,],[,],[,],[,],[,],[,]]$