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Question - Evergreen Corporation manufactures circuit boards and is in the process of preparing next year's budget. The pro forma income statement for the current year is presented below.
Sales $3,500,000
Cost of sales:
Direct Material $500,000
Direct labor 250,000
Variable Overhead 275,000
Fixed Overhead 600,000 1,625,000
Gross Profit $1,875,000
Selling/Admin. Exp.
Variable 750,000
Fixed 250,000 1,000,000
Operating Income $875,000
Required - Find the contribution margin ratio for the current year?
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