The following operating expenses are fixed, assuming that rentals, depreciation, and other are fixed costs. Be sure to list each variable and fixed cost/expense as a separate line item (e.g., Fuel, Maintenance, etc.). Compute and label the contribution margin ratio. To receive full credit for the presentation in the Excel sheet, use Excel formulas where it makes sense, such as total variable costs, contribution margin, total fixed costs, net income, and the contribution margin ratio.

2018 $64,450 2 FEDEX CORPORATION 3 CONSOLIDATED STATEMENTS OF INCOME 4 (IN MILLIONS, EXCEPT PER SHARE AMOUNTS) 5 6 Years ended May 31, 7 2020 2019 8 REVENUE $69,217 $69,693 OPERATING 9 EXPENSES: Salaries and employee 10 benefits 25031 24776 Purchased 71 transportation 17,466 16,654 Rentals and 72 landing fees 3,712 3,360 and 13 amortization 3,615 3,353 14 Fuel 3,156 3,889 Maintenance 15 and repairs 2,893 2,834 23795 15101 3361 3095 3374 2622 Goodwill and other asset impairment 6 charges Business 7 realignment 8 Other 9 435 - 380 10,492 66,800 320 - 10,041 65,227 9450 61178 OPERATING O INCOME 2,417 4,466 4272 -672 55 -588 59 -558 48 OTHER (EXPENSE) 1 INCOME: -2 Interest expense 3 Interest income Other retirement plans -4 (expense) 5 Other, net -122 -9 -3251 -31 598 -7 6 -748 -3811 81 INCOME BEFORE 7 INCOME TAXES 1,669 655 4353 PROVISION FOR INCOME TAXES (BENEFIT) 383 115 -219 9 NET INCOME $1,286 $540 $4,572 BASIC EARNINGS PER COMMON O SHARE $4.92 $2.06 $17.08 DILUTED EARNINGS PER COMMON 1 SHARE $4.9 $2.03 $16.79 2 The accompanying notes are an integral part of these consolidated financial statements. 3