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Preparing contribution margin income statements and calculating breakeven sales
For its top managers, Worldwide Travel formats its income statement as follows:
WORLDWIDE TRAVEL Contribution Margin Income Statement Three Months Ended March 31, 2012
Sales revenue
$ 317,500
Variable costs
95,250
Contribution margin
$ 222,250
Fixed costs
175,000
Operating income
$ 47,250
Worldwide's relevant range is between sales of $245,000 and $364,000.
Requirements
1. Calculate the contribution margin ratio.
2. Prepare two contribution margin income statements: one at the $245,000 leveland one at the $364,000 level.
3. Compute breakeven sales in dollars.
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