Russell & Benson Company is a Cincinnati-based company that produces household products under brand names such as Clip & Cut, Fresh, Summit, Wave, and Dazzle. The company's 2011 income statement showed the following (in millions): Net sales $ 83,400 Costs of products sold 40,900 Selling, general, and administrative expense 25,200 $ Operating income 17,300 Compute the predicted operating income. (Round your answers to the nearest whole dollar.) Net sales $ 70,890 Costs of products sold 34,765 Contribution margin 36,125 Selling, general, and administrative expense 25.200 $10.925 Operating Income amo Suppose that the cost of products sold is the only variable cost; selling, general, and administrative expenses are fixed with respect to sales. Suppose Russell & Benson has a 15% decrease in sales next year and there is no change in costs except for decreases associated with the lower volume of sales. Requirement 1. Compute the predicted operating income for Russell & Benson and its percentage decrease. Explain why the percentage decrease in income differs from the percentage decrease in sales. Explain why the percentage decrease in income differs from the percentage decrease in sales. (Round the percentage to the nearest whole percent, entered as a positive percentage) The percentage decrease in operating income would be %, compared with a 15% decrease in sales. Because of the existence of the percentage decrease in operating income will be than the percentage decrease in sales the percentage decrease in operating income Explain why the percentage decrease in income differs from the percentage decrease in sales. (Round the percentage to the nearest whole percent, entered as a positive percentage.) The percentage decrease in operating income would be %, compared with a 15% decrease in sales. Because of the existence of than the percentage decrease in sales. will be fixed costs. variable costs, Explain why the percentage decrease in income differs from the percentage decrease in sales. (Round the percentage to the nearest whole percent, entered as a positive percentage) The percentage decrease in operating income would be %, compared with a 15% decrease in sales. Because of the existence of will be than the percentage decrease in sales the percentage decrease in operating income greater less