Question

An income statement focusing on product and period costs has been prepared using a(n) format, while a(n) format income statement makes a distinction between fixed and variable costs.

Answer 1

The income statement that focused on the product & period cost could be made using a traditional format while on the other hand the income statement should be made via contribution format for fixed & variable cost.

The following information should be considered:

• The income statement contains product & period cost so it should be made by using the traditional format.
• And, if there is a distinction made between the fixed and variable cost so for this contribution margin format should be used.

Therefore we can conclude that The income statement that focused on the product & period cost could be made using a traditional format while on the other hand the income statement should be made via contribution format for fixed & variable cost.

Learn more about the income statement here: brainly.com/question/14308954