Calibri (Body) = 11 ' a. Av ilil EE ste Office Update To keep up-to-date with security updates, fixes, and improvements, choose Che X fx + D B THIS SHEET NO When you are fin! 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