S21-4 (similar to EQuestion Help Salem Company reports the following information

Question

S21-4 (similar to EQuestion Help Salem Company reports the following information for June: ?(Click the icon to view the amounts.) Calculate the contribution margin and operating income for June using variable costing. Begin by selecting the labels and entering the amounts to compute the contribution margin. Then, select the labels and enter the amounts to compute the operating income. Variable Costing Fixed Selling and Administrative Costs Data Table Contribution Margin Net Sales Revenue Variable Cost of Goods Sold Fixed Cost of Goods Sold Variable Selling and Administrative Costs Fixed Selling and Administrative Costs 770,000 220,000 76,000 154,000 67,000 nt Done Choose from any list or enter any number in the input fields and then click Check Answer.

Explanation / Answer

Calculate contribution margin and operating income :

Net sales revenue 770000 Variable cost Variable cost of goods sold (220000) Variabl selling and administrative expense (154000) (374000) Contribution margin 396000 Fixed cost Fixed cost of goods sold (176000) Fixed selling and administrative expense (67000) (243000) Net operating income 153000

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