4. Last period, Steve's Men, Ltd. sold 8,000 bicycles at a price of $350 each....
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4. Last period, Steve's Men, Ltd. sold 8,000 bicycles at a price of $350 each. Fixed costs for the period were $505,000 and net income (assume $0 taxes) was $272,000. What was the amount of variable costs that the firm would have reported in its contribution margin income statement last period? a. $2,295,000 b. $777,000 c. $2,023,000 d. $2,800,000 e. $2,528,000
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