Randy's tireland makes a product that sells for $61 per unit and has $54 per unit in variable costs. Annual fixed costs are $24,000. If Rambles sells 10 units less than breakeven, how much loss would the company recognize on its income statement? (As the question asks "how much loss" you don't have to put the negative sign. For example, suppose the loss is 100, then write the answer as 100 rather than -100.)

Answer: 70

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SOLUTION:

Contribution Margin = Sales -Variable costs

Loss on the income statement would be: (Sales - VC)*10 (75-47)*10 = 70

Can you place the problem in excel with the formula? I need the answer within the hour.