The Madsen Companyâ??s budgeted income statement for 2007 follows:Sales (80,000 units)$360,000Direct

The Madsen Company’s budgeted income statement for 2007 follows:Sales (80,000 units)$360,000Direct materials128,000Direct labor36,000Variable overhead32,000Fixed selling & administrative expenses12,000Net Income$142,000A flexible budget at 84,000 units would show net income of

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