In a contribution format income statement, the gross margin minus selling and administrative expenses equals net operating income.

Name: In a contribution format income statement, the gross margin minus selling and administrative expenses equals net operating income.
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Question

Quizplus · Accepted Answer

In a contribution format income statement, net operating income is calculated by subtracting variable expenses and fixed expenses from sales, not by subtracting selling and administrative expenses from gross margin.

In a Contribution Format Income Statement, the Gross Margin Minus