A business sells a product with variable costs per unit of $30. Fixed costs are $10,000 per period. The selling price per unit is $100. Assuming 1,000 units are sold in a period, what is the contribution margin for the period?

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 4 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 $350 each. The department's variable selling expenses are $40 per liner sold. The remaining selling expenses are fixed. The administrative expenses are 30% variable and 70% fixed. The company purchases its liners from a supplier at a cost of $125 per liner. Please answer the following question:

Prepare an income statement for the quarter, using the contribution approach.