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How to complete this contribution margin income statement table? Prepare a contribution margin income statement assuming Russell drove 2,000 miles last month. RUSSELL PRESTON Contribution
How to complete this contribution margin income statement table?
Prepare a contribution margin income statement assuming Russell drove 2,000 miles last month. RUSSELL PRESTON Contribution Margin Income Statement For Last Month Cost of Goods Sold $ 1,500 Fixed Costs 14.280 Gross Margin 13,609.00 Interest Expense 43,279.00 Contribution Margin 56,043 Net Operating Income 45,896 Variable Costs 23,890.00 Gross Margin 45,690.00 Income from Operations $ 20,954 Russell Preston delivers parts for several local auto parts stores. He charges clients $0.75 per mile driven. Russell has determined that if he drives 3,700 miles in a month, his average operating cost is $0.70 per mile. If he drives 5.700 miles in a month, his average operating cost is $0.50 per mile. Russell has used the high-low method to determine that his monthly cost equation is total cost = $1,085 + $0.13 per mile Step by Step Solution
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