Omega Company has sales of $300,000 and cost of goods sold of $200,000. The cost of goods sold is a variable cost. The Company incurred $20,000 of fixed operating expenses and $40,000 of variable operating expenses. Based on this information Multiple Choice net income is $100,000 under the gross margin format and $40,000 under the contribution margin format. the company's gross margin is $60,000, while its contribution margin is $100,000. the company's gross margin is $100,000, while its contribution margin is $60,000. net income is $40,000 under the gross margin format and $100,000 under the contribution margin format. < Prev 20 21 of 21 Next >