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The following is Knox Corporation's contribution format income statement for last month: Sales Less: variable expenses Contribution margin Less: fixed expenses Operating income $900,000 300,000

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The following is Knox Corporation's contribution format income statement for last month: Sales Less: variable expenses Contribution margin Less: fixed expenses Operating income $900,000 300,000 600,000 400,000 $200,000 The company has no beginning or ending inventories. The company produced and sold 10,000 units last month. What is the company's margin of safety percentage? 25%. 20%. 33%. 10%

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