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Concord Entertainment Corporation prepared a master budget for the month of November that was based on sales of 159,100 board games. The budgeted income statement
Concord Entertainment Corporation prepared a master budget for the month of November that was based on sales of 159,100 board games. The budgeted income statement for the period is as follows. Sales Revenue Variable expenses $2,545,600 Direct materials Direct labor Variable overhead $700,040 381,840 493,210 Total variable expenses Contribution margirn 1,575,090 970,510 258,100 504,300 Fixed overhead Fixed selling and administrative expenses 762,400 Total fixed expenses Operating income During November, Concord produced and sold 187,900 board games. Actual results for the month are as follows $208,110 Sales Revenue $2,995,000 Variable expenses Direct materials Direct labor Variable overhead $813,060 467,460 593,490 Total varlable expenses 1,874,010 Contribution margin 1,120,990 Fixed overhead 274,300 Fixed selling and administrative expenses 504,300 Total fixed expenses 778,600 Operating income $342,390
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