From the following income statement for 1999, calculate the degree of operating leverage. (3 marks)

1. From the following income statement for 1999, calculate the degree of operating leverage. (3 marks) Income Statement For year ended 12/31/99 Sales $ 440,000 Cost of goods sold 240,000 Gross profit $ 200,000 Fixed costs 96,000 EBIT $ 104,000 Interest 19,200 EBT $ 84,800 Taxes @ 35% 29,680 Net income $ 55,120 Shares outstanding 16,000 EPS $ 5.52

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