Answer:
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Particulars                              Unit cost       Amount
Sales income                         $ 47            $ 376,000      
Less: Variable cost                $ 24           $ 192,000
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Contribution Margin             $ 13           $ 184,000
Less: Fixed cost                                        $ 124,000
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Net income                                                $ 60,000
...................................................................................................
Explanation:
Given:
Unit selling price = $ 47
Variable cost = $ 24
Total monthly fixed cost = $ 124,000
Number of units sold = 8,000
CVP income statement for Cedar Grove Industries for the month of May is as:
.................................................................................................
Particulars                              Unit cost       Amount
Sales income                         $ 47            $ 376,000      
Less: Variable cost                $ 24           $ 192,000
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Contribution Margin             $ 13           $ 184,000
Less: Fixed cost                                        $ 124,000
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Net income                                                $ 60,000
...................................................................................................
here, the amount is for the total unit i.e 8000 units multiplied by the unit cost