Selma Inc. reported the following results from last year's operations: Sales $ 13,800,000 Variable expenses 9,950,000 Contribution margin 3,850,000 Fixed expenses 3,022,000 Net operating income $ 828,000 Average operating assets $ 6,000,000
Last year's margin was closest to: Multiple Choice
78.1%
6.0%
13.8%
27.9%
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