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Leete Inc. reported the following results from last year's operations: Sales $ 14,000,000 Variable expenses 9,660,000 Contribution margin 4,340,000 Fixed expenses 2,940,000 Net operating income
- Leete Inc. reported the following results from last year's operations:
| Sales | $ | 14,000,000 |
| Variable expenses |
| 9,660,000 |
| Contribution margin |
| 4,340,000 |
| Fixed expenses |
| 2,940,000 |
| Net operating income | $ | 1,400,000 |
Last year's margin was closest to:
A) 79.0%
B) 31.0%
C) 20.0%
D) 10.0%
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