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37. The term "gross margin" for a manufacturing company refers to the excess of sales over A. cost of goods sold, excluding fixed manufacturing overhead. B. all variable costs, including variable selling and administrative expenses. C. cost of goods sold, including fixed manufacturing overhead. D. variable costs, excluding variable selling and administrative expenses. 38. During the last year, Hansen Company had net income under absorption costing that was $5,500 lower than its income under variable costing. The company sold 9,000 units during the year, and its variable costs were $10 per unit, of which S6 was variable selling expense. If fixed production cost is $5 per unit under absorption costing every year,then how many units did the company produce during the year? a. 7,625 units. b. 8,450 units. c. 10,100 units. d. 7,900 units. 39. Last year, fixed manufacturing overhead was $30,000, variable production costs were $48,000, fixed selling and administration costs were $20,000, and variable selling administrative expenses were $9,600. There was no beginning inventory. During the year, 3,000 units were produced and 2,400 units were sold at a price of $40 per unit. Under variable costing, net income would be: A. a profit of $6,000. B. a profit of $4,000. C. a loss of $2,000. D. a loss of $4,400. 40. At the end of last year, Lee Company had 30,000 units in its ending inventory. Lee's variable production costs are $10 per unit and its Hard fixed manufacturing overhead costs are $5 per unit every year. The company's net income for the year was $12,000 higher under variable costing than under absorption costing. Given these facts, the number of units of product in inventory at the beginning of the year must have been: a. 28,800 units. b. 27,600 units. c. 32,400 units. d. 42,000 units