The contribution format income statement for Westex, Inc., for its most recent period is given...
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Accounting
The contribution format income statement for Westex, Inc., for its most recent period is given below:
Total Unit
Sales $ 992,000 $ 49.60
Variable expenses 595,200 29.76
Contribution margin 396,800 19.84
Fixed expenses 318,800 15.94
Net operating income 78,000 3.90
Income taxes @ 40% 31,200 1.56
Net income $ 46,800 $ 2.34
The company had average operating assets of $505,000 during the period.
Required:
1.
Compute the company
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