Presented below are the major categories or captions that would appear on an income statement prepared in the variable costing format:
Contribution margin
Fixed costs
Income from operations
Manufacturing margin
Sales
Variable cost of goods sold
Variable selling and administrative expenses
Definitions:
Customer Service
The assistance and support provided by a company to the people who buy or use its products or services.
Flexibility
The ability of an individual or organization to adapt to changes or unforeseen circumstances quickly and efficiently.
SBA 8(a) Certification
A certification granted by the Small Business Administration to small businesses owned by socially and economically disadvantaged individuals, offering access to government contracting opportunities.
Federal and State Contracts
Legal agreements entered into by federal or state government bodies with individuals, businesses, or other governments for procurement of goods and services.
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