The following data are from the accounting records of Niles Castings for year 2: Units produced and sold 80,000 Total revenues and costs Sales revenue $ 270,000 Direct materials costs 63,000 Direct labor costs 33,000 Variable manufacturing overhead 18,000 Fixed manufacturing overhead 41,000 Variable marketing and administrative costs 11,500 Fixed marketing and administrative costs 38,000Required:a. Prepare a gross margin income statement. b. Prepare a contribution margin income statement
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