Question: The contribution format income statement for Strickland, Inc., for its most recent period is given below: Total Unit Sales $ 990,000 $ 49.50 Variable expenses

The contribution format income statement for Strickland, Inc., for its most recent period is given below: Total Unit Sales $ 990,000 $ 49.50 Variable expenses 594,000 29.70 Contribution margin 396,000 19.80 Fixed expenses 318,000 15.90 Net operating income 78,000 3.90 Income taxes @ 40% 31,200 1.56 Net income $ 46,800 $ 2.34

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