During its most recent fiscal year, Dover, Inc. had total sales of $3,080,000. Contribution margin amounted...
During its most recent fiscal year, Dover, Inc. had total sales of $3,080,000. Contribution margin amounted to $1,440,000 and pretax income was $310,000. 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. $1,640,000.
b. $1,750,000.
c. $1,330,000.
d. $1,130,000.
e. $2,770,000.
Homework Answers
Answer:
Option (a) is correct
As per contribution margin statement,
Contribution Margin = Total Sales - Variable Cost
Since, total sales $3080000 and Contribution margin $1440000 already given in the question...
Variable Cost = Total Sales - Contribution Margin
= $3080000 - $1440000
= $1,640,000
The variable costs in the company's contribution margin income statement for the year reported as $1,640,000
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