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Department is a large retailer of equipment for pickup trucks. An income statement for the company’s Bed for the most recent quarter is presented below: incr The 4 x 4 Shop Income Statement-Liner Department for First Quarter of Current Year Sales $700,000 Less: Cost of goods sold 250,000 Gross margin $450,000 Less: Operating expenses: Selling expenses $195.000 Administrative expenses 145,000 340.000 Net income $110,000 The liners sell, on average, for s350 each. The department’s variable selling expenses are s3s per liner sold. The remaining selling expenses are fixed. The administrative expenses are 25% variable and 75% fixed. The company purchases its liners from a supplier at a cost of $125 per liner. Required: Prepare an income statement for the quarter, using the contribution approach. Show transcribed image text