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Variable Costing Income Statement for a Service Company The actual and planned data for Broadwater Institute & Technical School for the Fall term were as follows: Line Item Description Actual Planned Enrollment 4,500 4,500 Tuition per credit hour $115 $100 Credit hours 80,000 72,000 Registration, records, and marketing costs per enrolled student $300 $300 Instructional costs per credit hour $45 $40 Depreciation on classrooms and equipment $1,875,000 $1,875,000 Registration, records, and marketing costs vary by the number of enrolled students, while instructional costs vary by the number of credit hours. Depreciation is a fixed cost. Prepare a variable costing income statement showing the contribution margin and operating income for the Fall term. Broadwater Institute & Technical School Variable Costing Income Statement For the Fall Term Line Item Description Amount Revenue $Revenue 9,200,000 Variable costs: Registration, records, and marketing costs $Registration, records, and marketing costs -1,350,000 Instructional costs Instructional costs 3,600,000 Total variable costs $Total variable costs 4,950,000 Contribution margin $Contribution margin 4,250,000 Depreciation on classrooms and equipment Depreciation on classrooms and equipment 1,875,000 Operating income $Operating income 2,375,000