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Prepare a variable costing income statement

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Problem - The actual and planned data for Underwater University for the Fall term were as follows:

Actual

Planned

Enrollment

4,500

4,125

Tuition per credit hour

$120

$135

Credit hours

60,450

43,200

Registration, records, and marketing cost per enrolled student

$275

$275

Instructional costs per credit hour

$64

$60

Depreciation on classrooms and equipment

$825,600

$825,600

Registration, records, and marketing costs vary by the number of enrolled students, while instructional costs vary by the number of credit hours. Depreciation is a fixed cost. Prepare a variable costing income statement showing the contribution margin and operating income for the Fall term.

Reference no: EM132716620

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