The contribution format income statement for Huerra Company for last year is given below: Total Unit Sales Variable expenses Contribution margin Fixed expenses Net operating income Income taxes @ 40% Net income $ 1,002,000 400,800 76,000 $ 50.10 30.06 20.04 16.24 3.80 30,400 S 45,600 S 2.28 The company had average operating assets of $492,000 during the year