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Klyne Corporation manufactures pharmaceutical products that are sold through a network of sales agents. The agents are paid a commission of 24% of sales. The

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Klyne Corporation manufactures pharmaceutical products that are sold through a network of sales agents. The agents are paid a commission of 24% of sales. The income statement for the year ending December 31, 2020, is as follows:

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KLYNE CORPORATION Income Statement For the Year Ending December 31, 2020 Sales 29, 000, 000 Cost of goods sold Variable $14, 790, 090 Fixed 2, 876,090 17, 666, 900 Gross margin 11, 334, 900 Selling and marketing expenses Commissions 6,960, 090 Fixed costs 3, 270, 090 10, 230, 900 Operating income 1, 104, 900

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