Answer:
<u>Net Income $ 494,000</u>
Explanation:
Cullumber Inc.
CVP income statement
For the Quarter Ended March 31, 2020.
Sales of $2,300,000
Variable
Cost of goods sold $941,000
Selling expenses 104,000
Administrative expenses 108,000
Total Variable Expenses $1153,000
Contribution Margin $ 1147,000
Fixed
Cost of goods sold $474,000
Selling expenses 77,000
Administrative expenses 102,000
Total Fixed Costs $ 653,000
Net Income $ 494,000
