QUESTION 25 The KURUVILLA Company had the following functional income statement for the month of July, 2020: $400,000 Sales ($20 x 20,000 units) Costs of goods sold: Direct materials (3 x 20,000) $ 60,000 Direct labor (2 x 20,000) 40,000 Variable factory overhead (6 x 20000) 120,000 Fixed factory overhead 50,000 Gross profit Selling and administrative expenses: Variable (1 x 20000) $ 20,000 Fixed 50,000 Operating income 270,000 $130,000 70,000 $ 60,000 Kuruvilla's tax rate is 40%. What is the contribution margin ratio? Be sure to show ALL your work with formulas in English or abbreviations, if needed, to receive full credit for a correct answer. Click Save and Submit to save and submit. Click Save All Answers to save all answers, Save All QUESTION 25 The KURUVILLA Company had the following functional income statement for the month of July, 2020: $400,000 Sales ($20 x 20,000 units) Costs of goods sold: Direct materials (3 x 20,000) $ 60,000 Direct labor (2 x 20,000) 40,000 Variable factory overhead (6 x 20000) 120,000 Fixed factory overhead 50,000 Gross profit Selling and administrative expenses: Variable (1 x 20000) $ 20,000 Fixed 50,000 Operating income 270,000 $130,000 70,000 $ 60,000 Kuruvilla's tax rate is 40%. What is the contribution margin ratio? Be sure to show ALL your work with formulas in English or abbreviations, if needed, to receive full credit for a correct answer. Click Save and Submit to save and submit. Click Save All Answers to save all answers, Save All