Prohibition Ltd.trial balance at December 31,2017,is shown below.Prepare the closing entries.
Definitions:
Contribution Margin
Contribution margin is the amount by which sales revenue exceeds variable costs, representing the portion of sales revenue that contributes to covering fixed costs.
Constrained Resource
A limited resource that restricts the company's ability to produce outputs or achieve a certain level of activity.
Variable Manufacturing Overhead
Costs associated with the production process that fluctuate with the level of output, such as indirect materials and utilities used in manufacturing.
Direct Labour
Labor costs that are directly traceable to the production of goods or services.
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