Hinge manufacturing's cost of goods sold is $420000 variable and $240000 fixed. the company's selling and administrative expenses are $300000 variable and $360000 fixed. if the company's sales is $1580000, what is its contribution margin

Contribution Margin     $ 920,000    Absorption Costing

Contribution Margin     $ 860,000 Variable Costing

Explanation:

Hinge Manufacturing

Absorption Costing

Sales                                                       $1580000

Cost of Goods sold  

Less Variable  Costs $420000  

Manufacturing Margin  $1160,000

Less Fixed Costs $240000      

Selling and Administrative expenses  

Variable $300,000

Fixed $360,000

Net Income  $ 260,000

Hinge Manufacturing

Variable Costing

Sales                                                       $1580000

Cost of Goods sold  

Less Variable  Costs $420,000

Selling and Administrative expenses  Variable $300,000

Contribution Margin     $ 860,000

Less Fixed Costs $240000                            

Selling and Administrative expenses  Fixed $360,000

Net Income  $ 260,000

answer; /// blank(1); above; blank(2); less;