The Greenville Goober Company produces and sells two products. Revenue and cost information by product for the current year is as follows:
Product A Product B
Selling price per product $10 $20
Variable expenses per product 4 15
Traceable fixed expenses per year 110,000 35,000
Annual common fixed expenses for the company totals $100,000. During the year Greenville Goober sold 35,000 units of Product A and 20,000 units of Product B.
Prepare a contribution margin format income statement for the year by product and provide the segment margin for Product A and the segment margin for Product B.