Question: *Please show me how to solve this step by step!* Thank you! 9. The following information is available for Marigold Corp.: Sales $490000 Total fixed

*Please show me how to solve this step by step!* Thank you!

9. The following information is available for Marigold Corp.:

Sales $490000 Total fixed expenses $150000

Cost of goods sold 310000 Total variable expenses 260000

A CVP income statement would report

contribution margin of $230000.

gross profit of $230000.

gross profit of $180000.

contribution margin of $340000.

10. For Sheffield Corp., sales is $1500000, fixed expenses are $400000, and the contribution margin ratio is 36%. What is net income?

$140000

$396000

$540000

$144000

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