Leete Inc. reported the following results from last year's operations: $\begin{array}{lr}
\text { Sales } & \$ 14,000,000 \
\text { Variable expenses } & 9,660,000 \
\text { Contribution margin } & 4,340,000 \
\text { Fixed expenses } & 2,940,000 \
\text { Net operating income } & \$ 1,400,000 \
\end{array}$ Last year's margin was closest to:
A) 79.0%
B) 31.0%
C) 20.0%
D) 10.0%

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The Answer of Leete Inc. reported the following results from last year's operations: $\begin{array}{lr}
\text { Sales } & \$ 14,000,000 \
\text { Variable expenses } & 9,660,000 \
\text { Contribution margin } & 4,340,000 \
\text { Fixed expenses } & 2,940,000 \
\text { Net operating income } & \$ 1,400,000 \
\end{array}$ Last year's margin was closest to:
A) 79.0%
B) 31.0%
C) 20.0%
D) 10.0%

Leete Inc Reported the Following Results from Last Year's Operations