The actual and planned data for Underwater University for the Fall term were as follows: Actual Planned Enrollment 4,500 4,125 Tuition per credit hour $120 $135 60,450 Credit hours Registration, records, and marketing costs per enrolled student Instructional costs per credit hour Depreciation on classrooms and equipment 43,200 $275 $275 $64 $60 $825,600 $825,600 Underwater University Variable Costing Income Statement For the Fall Term Revenue 13,086,000 X Variable costs: Registration, records, and marketing costs $ -2,371,875 x Instructional costs -6,460,800 X Total variable costs -8,832,675 X $ $ Contribution margin 4,253,325 X Depreciation on classrooms and equipment -1,651,200 X Operating income 2,602,125 X