Smithen Company, a wholesale distributor, has been operating for only a few months. The company sells three productssinks, mirrors, and vanities. Budgeted sales by product and in total for the coming month are shown below based on planned unit sales as follows:

Units Percentage

Sinks 1,000 50 %

Mirrors 500 25 %

Vanities 500 25 %

Total 2,000 100 %

Product

Sinks Mirrors Vanities Total

Percentage of total sales 48 % 20 % 32 % 100 %

Sales $ 288,000 100.00 % $ 120,000 100.00 % $ 192,000 100.00 % $ 600,000 100.00 %

Variable expenses 76,000 26.39 % 62,000 51.67 % 92,000 47.92 % 204,900 34.15 %

Contribution margin $ 212,000 73.61 % $ 58,000 48.33 % $ 100,000 52.08 % 395,100 65.85 %

Contribution margin per unit $ 212.00 $ 116.00 $ 200.00

Fixed expenses 356,700

Operating income $ 38,400

Break-even point in sales dollars = Fixed expenses = $356,700 = $541,685.65

Overall CM ratio 0.66

Break-even point in unit sales:

Total Fixed expenses = $356,700 = 1,928.11 units

Weighted-average CM per unit

$185.00*

*($212.00 0.50) + ($116.00 0.25) + ($200.00 0.25)

As shown by these data, operating income is budgeted at $38,400 for the month, break-even sales dollars at $541,685.65, and break-even unit sales at 1,928.11.

Assume that actual sales for the month total $604,800 (2,100 units), with the CM ratio and per unit amounts the same as budgeted. Actual fixed expenses are the same as budgeted, $356,700. Actual sales by product are as follows: sinks, $151,200 (525 units); mirrors, $252,000 (1,050 units); and vanities, $201,600 (525 units).

Required:

1. Prepare a contribution format income statement for the month based on actual sales data. (Round your answers to 2 decimal places.)