Omega Company has sales of $$308,000$ and cost of goods sold of $$204,000.$ The cost of goods sold is a variable cost. The Company incurred $$24,000$ of fixed operating expenses and $$42,000$ of variable operating expenses. Based on this information

Multiple Choice

net income is $$38,000$ under the gross margin format and $$104,000$ under the contribution margin format. $$

the company's gross margin is $$104,000,$ while its contribution margin is $$62,000.$

the company's gross margin is $$62,000,$ while its contribution margin is $$104,000.$

net income is $$104,000$ under the gross margin format and $$38,000$ under the contribution margin format.