Kelchner Corporation has provided the following contribution format income statement. Assume that the following information is within the relevant range. Sales (3,000 units)$180,000Variable expenses 108,000Contribution margin 72,000Fixed expenses 62,400Net operating income$9,600 The contribution margin ratio is closest to:
A. 60%
B. 40%
C. 33%
D. 67%
Answer: B
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