Bungert Inc

Accounting Aug 16, 2020

Bungert Inc. reported the following results from last year's operations:
Sales $15,200,000 Variable expenses 9,470,000 Contribution margin 5,730,000 Fixed expenses 4,818,000 Net operating income $ 912,000

The company's minimum required rate of return is 12% and its average operating assets were $8,000,000. Last year's residual income was closest to:

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