Zip, Company produces two products Zippers and Buckles.

Cost and revenue data for each product line for the current month are as follows.

		Product Lines
				Zippers	Buckles
Sales				$189,000	$308,000
Variable costs as a percentage of sales				20%	45%
Fixed costs traceable to product lines				$126,000	$92,400

In addition, fixed costs that are common to both product lines amount to $49,000.

Instructions

1. Prepare Zip responsibility income statement for the current month.
   • Report the responsibility margin for each product line and income from operations for the company as a whole.
   • Also include columns showing all dollar amounts as percentages of sales

2. Based on the above answer MCQ questions below in Moodle (Exam part 3)