The actual and planned data for Underwater University for the Fall term were as follows:

Registration, records, and marketing costs vary by the number of enrolled students, while instruc-tional 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.

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EX 7-18 Variable costing income statement for a service company Obj. 5 The actual and planned data for Underwater University for the Fall term were as follows: 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. Answers are entered in the cells with gray backgrounds. Cells with non-gray backgrounds are protected and cannot be edited. An asterisk () will appear to the right of an incorrect entry