Oriolesells T-shirts imprinted with high school names and logos. Last year the shirts sold for $26each, and variable costs were $9.00per shirt. At this cost structure, the breakeven point was144,000shirts. However, the company actually earned $30,600in net income.

This year, the company is increasing its price to $28per shirt. Variable costs per shirt will increase by20%, and fixed expenses will increase by $67,660. The tax rate will remain at40%.

Prepare a contribution format income statement for last year.(Round per unit computations to 2 decimal places, e.g. 0.38.)

Contribution Income Statement