[The Following Information Applies to the Questions Displayed Below

question 119

Multiple Choice

[The following information applies to the questions displayed below.]
Mitchell Corporation manufactures a single product.The selling price is $85 per unit,and variable costs amount to $68 per unit.The fixed costs are $16,500 per month.
-What is the contribution margin ratio of Mitchell 's product?

• A)65%
• B)80%
• C)72%
• D)20%

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Definitions:

Apothecary Measurement

A historical system of weight and volume units used primarily by pharmacists for the compounding and dispensing of medications.

Equivalent

Equal in value, measure, force, effect, significance, etc. Often used in mathematical, scientific, and logical comparisons.

Apothecary Equivalent

A term referring to the system of weight and volume measurement used historically in pharmacies and the science of pharmacy.

Fluid Ounce

A unit of volume typically used in measuring liquids, equivalent to approximately 28.4 ml in the British imperial system and 29.6 ml in the US system.