The following is last month's contribution format income statement: Sales (12,000 units)...
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Accounting
The following is last month's contribution format income statement:
| Sales (12,000 units) | $1,200,000 |
| Less: variable expenses | 700,000 |
| Contribution margin | 500,000 |
| Less: fixed expenses | 300,000 |
| Operating income | $200,000 |
What is the company's margin of safety percentage, rounded to the nearest whole percent?
Multiple Choice
42%
40%
17%
20%
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