52Fnewconnect.mbeducation.com%252F#/activity/- Subm Help Save & Exit The 4-4 Shop is a large retailer of equipment for pickup trucks. An income statement for the company's bed liner department for the most recent quarter is presented below The 44 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 $110.000 Net income The liners sell, on average, for $350 each. The department's variable selling expenses are $40 per liner sold. The remaining selling expenses ore fixed. The administrative expenses are 30% variable and 70% foxed. 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. Short Answer Toolbar navigation