Stauffer Corporation has provided the following contribution format income statement. Assume that the following information is within the relevant range. Sales (8,000 units)$320,000Variable expenses 192,000Contribution margin 128,000Fixed expenses 118,400Net operating income$9,600The variable expense ratio is closest to:
A. 60%
B. 33%
C. 40%
D. 67%
Answer: A
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