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Oslo Company prepared the following contribution format income statement based on a sales volume of 1,000 units (the relevant range of production is 500 units

Oslo Company prepared the following contribution format income statement based on a sales volume of 1,000 units (the relevant range of production is 500 units to 1,500 units):

Sales $55,000

Variable expenses33,000

Contribution margin22,000

Fixed expenses14,960

Net operating income$7,040

3. What is the variable expense ratio?

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