Tina Industries Manufactures a Product Whose Variable Costs Are 62

question 144

Multiple Choice

Tina Industries manufactures a product whose variable costs are 62.5% of sales.Tina's tax rate is 35% and net income for the year was $33,696.If Tina sold 23,040

• A)$51,840; $86,400
• B)$96,275; $134,125
• C)$138,240; $41,965
• D)$171,936; $75,661

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Definitions:

Gold Standard

A monetary system in which the standard economic unit of account is based on a fixed quantity of gold.

Drawbacks

Drawbacks are disadvantages or negative aspects of a situation, plan, or product that may not make it as favorable as it seems.

Hamburger Standard

A method for comparing the purchasing power between different currencies by measuring the cost of a McDonald's Big Mac in various countries.

Overvalued Currency

A situation where a currency's value is higher than what is considered to be its fair market value, often due to government intervention.