Answer: The contribution margin for October is:$247,900
Explanation:
Given :
Sales= $ 447,000
Cost of goods sold (all variable) = $ 170,500
Total variable selling expense = $ 20,100
Total fixed selling expense = $ 21,600
Total variable administrative expense = $ 8,500
Contribution margin = (Sales-Variable costs)
=[$447,000-($170500+$20,100+$8,500)]
=$247,900
Answer:
14.93%
Explanation:
Given:
For taxable income $9,275, tax rate = 10%
For taxable income $28,375, tax rate = 15%
For taxable income $53,500, tax rate = 25%
Now,
Tax on income = tax rate × taxable income
thus,
Total Tax on first $9,275 = $9,275 × 10% = $927.5
and,
Total tax on next $28,375 = $28,375 × 15% = $4,256.25
Therefore, the total income that has been taxed till the $9,275 + $28,375
= $37,650.
and, the amount left to be taxed = $42,000 - $37,650 = $4,350
Thus,
Tax on remaining $4,350 = $4,350 × 25% = $1,087.5
Total tax = $927.5 + $4,350 + $1,087.5 = $6,365
Therefore,
The average tax rate =
or
The average tax rate =
or
Average tax = 14.93%