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The following totals are used to create a CVP Income Statement for Frederick Company for...

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The following totals are used to create a CVP Income Statement for Frederick Company for FY2020: Frederick Company Selected Financial Figures For the Year Ended 12/31/20 Sales (100 units) $10,000 Variable Costs: Direct Labor $1,100 Direct Materials 1,600 Factory Overhead (variable) 2,000 Selling Expenses (variable) 600 Administrative Expenses (variable) 500 Fixed Costs: Factory Overhead (fixed) $950 Selling Expenses (fixed) 1,000 Administrative Expenses (fixed) 1.000 Frederick Company utilizes a JIT production system and there are no Raw Materials. Work-in- Process or Finished Goods inventories. Use this information to determine FY 2020 Contribution Margin Ratio. Enter percentage to one decimal place. (example enter 35.59 as 35.5)

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