The actual and planned data for Broadwater Institute & Technical School for the Fall term were as follows: Actual Planned Enrollment 4,500 4,500 Tuition per credit hour $115 $100 Credit hours 80,000 72,000 Registration, records, and marketing costs per enrolled student $300 $300 Instructional costs per credit hour $45 $40 Depreciation on classrooms and equipment $1,875,000 $1,875,000 Registration, records, and marketing costs vary by the number of enrolled students, while instructional costs vary by the number of credit hours. Depreciation is a fixed cost Prepare a variable costing income statement showing the contribution margin and operating income for the Fall term. Broadwater Institute & Technical School Variable Costing Income Statement For the Fall Term Line Item Description Revenue Variable costs: Registration, records, and marketing costs Instructional costs Total variable costs Contribution margin Depreciation on classrooms and equipment Operating income 10 000000 Previous Ne