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Eastern Clothing has two locations.
The most recent income statement is as follows: (in $millions)
Florida Chicago Total
Sales 40 10 50
Variable Costs 22 3 25
Contribution Margin 18 7 25
Fixed Costs (note 1) 12 12 24
Operating Income 6 (5) 1
Note 1: Fixed costs for Chicago include $3 in depreciation for equipment - The equipment has no disposal value. Fixed costs include $8 in corporate costs (allocated as $4 to each store).
Eastern is considering closing its Chicago store. If Chicago is closed, the following will likely occur:
A. Sales at Florida will increase by 10%
B. Overall corporate costs will be reduced from $8 to $6
C. Florida will have to rent more space - this will increase rent from $3 to $4 per year
Required:
Question 1: Compute net income if Eastern Stores closes the Chicago location.
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