answer for question number 17

b) What is the contribution margin ratio? c) Predict operating income for a month in which Vicky sells 1,200 hot dogs Question 17 (20 poinls) The following data relate to Socks Company for the year ended 2013 December 31 - Cost of production 1. Direct materials (variable) $360,000 2. Direct labor (variable) 504,000 Manufacturing overbead 3 Variable 180,000 4. Fixed 360,000 . Sales commissions (variable) 108,000 . Sales salaries (fixed) 72,000 Administrative expenses (fixed) 144,000 Units produced 150,000 Units sold (at $18 each) 120,000 . There were no beginning inventories. Assume direct materials and direct labor are variable costs Prepare two income statements-a variable costing income statement and an absorption costing income statement. (20 points) y Question 18