- A A BI UB QAQ.EE # 1817 - % 000 000 #1418 @fx B D E F G H THIS SHEET NOT DONE YET When you we finished with this exercise, change the su to DONE!" ALT-CONVERT-IS-CVP Romaine Corporation had Sales of $450,000 and Cost of Goods Sold of $400,000 Selling and Administrative Expenses were $30,000 Construct a traditional Income Statement for 2018 SALES COST OF GOODS SOLD GROSS PROFIT SELLING AND ADMINISTRATIVE EXPENSES OPERATING INCOME Further information: the Cost of Goods Sold was 30% variable and 70% fixed The Selling and Administrative Expenses were 90% variable and 10% fixed Convert the traditional income statement to a CVP income statement SALES VARIABLE COST OF GOODS SOLD VARIABLE SELLING AND ADMIN. EXPENSES CONTRIBUTION MARGIN FIXED COST OF GOODS SOLD FIXED SELLING AND ADMIN. EXPENSES OPERATING INCOME +