Moving to another question will save this response. Question 20 Distinguish between operating income and net income. a. Operating income takes into account income taxes, whereas, net income does not take income taxes into account. b. Operating income includes operating costs in its calculation, whereas, net income does not. c. Net income takes into account income taxes, whereas, operating income does not take income taxes into account. d. Net income includes cost of goods sold in its calculation, whereas, operating income does not A Moving to another question will save this response. Moving to another question will save this response. Question 19 Which of the following is the mathematical expression of contribution margin ratio? a. Contribution margin ratio-Contribution margin percentage Operating leverage b. Contribution margin ratio Contribution margin percentage x Variable costs (in dollars) c. Contribution margin ratio Contribution margin percentage x Fixed costs (in dollars) d. Contribution margin ratio Contribution margin percentage Revenues (in dollars) - Question 18 Bell Company sells several products. Information of average revenue and costs is as follows: Selling price per unit $33.00 Variable costs per unit Direct material $6.00 Direct manufacturing labor $1.50 Manufacturing overhead $0.30 Selling costs $2.25 Annual fixed costs $113,000 The company sells 10,000 units. The contribution margin per unit is a. $23.25 b. $24.45 c. $25.20 d. $22.95 A Moving to another question will save this response