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The following data are for the current year: Sales $700,000 Direct materials 250,000 Direct labor cost 90,000 Variable manufacturing overhead 30,000 Fixed direct manufacturing overhead

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The following data are for the current year: Sales $700,000 Direct materials 250,000 Direct labor cost 90,000 Variable manufacturing overhead 30,000 Fixed direct manufacturing overhead 38,000 Variable selling and admin expenses 40,000 Fixed indirect selling and admin expenses 130,000 All variable costs are direct costs. Prepare an income statement showing contribution margin, contribution to indirect expenses and net income

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