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Question(s) / Instruction(s):

A manufacturer of cedar shingles has supplied the following data:

 Bundles of cedar shakes produced and sold                                                      255,000 

  Sales revenue                                                                                          $2,065,500 

  Variable  expense:                        

  Variable manufacturing expense                                            $974,500               

  Variable selling and administrative expense                              259,500         1,234,000 

  Contribution margin                                                                                                    831,500 

  Fixed  expense:                              

  Fixed manufacturing expense                                                 505,000                  

  Fixed selling and administrative expense                                 291,000             796,000 

  Net operating income                                                                                     $35,500 

The companys contribution margin ratio is closest to:  

a)            60%

b)            32%

c)            68%

d)            40%

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