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During its most recent fiscal year, Raphael Enterprises sold 390,000 electric screwdrivers at a price of $20.70 each. Fixed costs amounted to $1,521,000 and income was $1,911,000. What amount should have been reported as variable costs in the company's contribution margin income statement for the year in question?

During its most recent fiscal year, Raphael Enterprises sold 390,000 electric screwdrivers at a price of $20.70 each. Fixed costs amounted to $1,521,000 and income was $1,911,000. What amount should have been reported as variable costs in the company's contribution margin income statement for the year in question?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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During its most recent fiscal year, Raphael Enterprises sold 390,000 electric screwdrivers at a price of $20.70 each. Fixed costs amounted to $1,521,000 and income was $1,911,000. What amount should have been reported as variable costs in the company's contribution margin income statement for the year in question?
Transcribed Image Text:During its most recent fiscal year, Raphael Enterprises sold 390,000 electric screwdrivers at a price of $20.70 each. Fixed costs amounted to $1,521,000 and income was $1,911,000. What amount should have been reported as variable costs in the company's contribution margin income statement for the year in question?
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