Provide correct answer general accounting Use the data given below.Sales$66,000Variable costs:Cost of goods sold$37,000Variable selling$3,700Variable administrative $3,500Fixed costs:Fixed sellingFixed administrative$2,500$1,500A. What is the gross margin now?B. What is the net operating income now?C. What is the contribution margin now?

Step 1: Define Gross Profit MarginA company's cost of goods sold is deducted from its net sales to…

Answered: Use the data given below. Sales $66,000…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter3: Cost-volume-profit Analysis

Section: Chapter Questions

Problem 4EA: A product has a sales price of $250 and a per-unit contribution margin of $75. What is the...

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APPLY THE CONCEPTS: Target income (sales revenue) Another useful method for figuring out the type of performance your company will need to reach a target income is by using sales revenue. Rather than using the number of units, this method uses total sales revenue. In companies for which the total set of goods produced and sold is more varied, this would be the preferred method, as opposed to a business in which only one product is sold. Assume a company has pricing and cost information as follows: Price and Cost Information Amount Selling Price per Unit $30 Variable Cost per Unit $15 Total Fixed Cost $15,000 For the upcoming period, the company wishes to generate operating income of $40,000. Given the cost and pricing structure for the company's product, how much sales revenue must it generate to attain its target income? Step 1: Calculate the contribution margin ratio: The contribution margin ratio is the contribution margin in proportion to the selling price on a per-unit basis.…
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