During its most recent fiscal year, Raphael Enterprises sold 340,000 electric screwdrivers at a price of...
During its most recent fiscal year, Raphael Enterprises sold 340,000 electric screwdrivers at a price of $19.20 each. Fixed costs amounted to $1,156,000 and pretax income was $1,496,000. What amount should have been reported as variable costs in the company's contribution margin income statement for the year in question?Multiple Choice
a. $5,032,000.
b. $2,652,000.
c. $3,876,000.
d. $6,528,000
.e. $2,720,000.
Homework Answers
Total sales=(340,000*19.2)=$6,528,000
Total contribution margin=Fixed cost+Target profits
(1,156,000+1,496,000)=$2,652,000
Contribution margin=Sales-Variable cost
Hence variable costs=6,528,000-2,652,000
=$3876000
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