Determine what is the amount of sales

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Problem 1: For its most fiscal year, a firm reported that its contribution margin was equal to 40 percent of sales and that its net income amounted to 10 percent of sales. If fixed costs for the year were P60,000, what is the amount of sales?

A. P150,000

B. P200,000

C. P600,000

D. P250,000

Reference no: EM132618732

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