Omega Company has sales of $$334,000$ and cost of goods sold of $$217,000.$ The cost of goods sold is a variable cost. The Company incurred $$37,000$ of fixed operating expenses and $$48,500$ of variable operating expenses. Based on this information

Multiple Choice

net income is $$117,000$ under the gross margin format and $$31,500$ under the contribution margin format.

the company's gross margin is $$117,000,$ while its contribution margin is $$68,500.$

net income is $$31,500$ under the gross margin format and $$117,000$ under the contribution margin format.

the company's gross margin is $$68,500,$ while its contribution margin is $$117,000.$