QUESTION 7 A product is sold for $75 each with unit cost of direct materials $20, direct labor $15, variable manufacturing overhead S12, and fixed manufacturing overhead $10. The volume produced and sold is 6,000 units. Variable and fixed marketing and administrative costs are $4 and $3, respectively. Which of the following statements is correct? Contribution margin is 144,000 Operating profit is 66,000 All are correct Gross Margin is 108,000