The Following Data Relate to Lobo Corporation for the Year

question 82

Multiple Choice

The following data relate to Lobo Corporation for the year just ended: $\begin{array} { | l | r | } \hline \text { Sales revenue } & \$ 750,000 \\\hline \text { Cost of goods sold: } & \\\hline \text { Variable portion } & 370,000 \\\hline \text { Fixed portion } & 110,000 \\\hline \text { Variable selling and administrative cost } & 50.000 \\\hline \text { Fixed selling and administrative cost } & 75.000 \\\hline\end{array}$ Which of the following statements is correct?

• A)Lobo's variable-costing income statement would reveal a gross margin of $270,000.
• B)Lobo's variable costing income statement would reveal a contribution margin of $330,000.
• C)Lobo's absorption-costing income statement would reveal a contribution margin of $330,000.
• D)Lobo's absorption costing income statement would reveal a gross margin of $330,000.
• E)Lobo's absorption-costing income statement would reveal a gross margin of $145,000

---

Definitions:

Bat's Experience

A thought experiment in the philosophy of mind, particularly in discussions on consciousness and qualia, illustrating the subjective nature of experience.

David Foster Wallace

An American author and essayist, noted for his dense and complex novels and essays, and his profound observations on postmodern culture and society.

Counterarguments

Arguments presented to oppose or refute another argument.

Self-identity

An individual's perception of themselves, encompassing personal values, beliefs, and characteristics.