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Cindy Alexander, Marigold, Inc.'s vice president of marketing, has received a sales call from a vendor of customer relationship management (CRM) software. The vendor claims that the software and other data her company provides will enable Marigold to target its advertising more appropriately and to identify new markets. The average improvement in sales volume from CRM is 10%, with no increase in advertising costs. The cost of the software and related services is $1,847,430. Marigold depreciates software over five years. The company's current cash-basis income statement, based on sales of 80,700 units, follows. (a) Your answer is correct. Calculate the payback period for the software if Marigold, Inc. realizes the reported average improvements. (Round answer to 2 decimal places, e.g. 15.25.) Sales revenue Cost of goods sold (all variable) Gross margin Less operating costs Selling expense (50% variable) Administrative expense (all fixed) Income (b) Your answer is correct. $1,225,000 3,180,000 4,291,000 $ 269,000 Payback period Your Answer 4.68 years Correct Answer Compare the payback period to the useful life of the software. Is the payback period adequate? eTextbook and Media Your answer is incorrect. Calculate the accounting rate of return the software will generate. (Round answer to 2 decimal places, e.g. 15.25%.) Accounting rate of return eTextbook and Media