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Lite Packs Company (LPC) makes and sells ultra-light backpacks. During Year 1, LPC sold 1,760 backpacks for $53 each. Each backpack has a variable

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Lite Packs Company (LPC) makes and sells ultra-light backpacks. During Year 1, LPC sold 1,760 backpacks for $53 each. Each backpack has a variable cost of $25 and the company had total fixed cost $5,300. Required: Prepare a contribution format income statement for Lite Packs Company. LITE PACKS COMPANY Income Statement $ 0 $

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