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E6-36A (similar to) Question Help Fabulous Flamingos is a specialty pet gift shop selling exotic pet-related toms online. The shop has no physical location. Results for last year are shown next (Click the icon to view the results) For internal planning and decision-making purposes, the owner of Fabulous Flamingos would like to translate the company's income statement into the contribution margin format. Since Fabulous Flamingos is online only, all of its cost of goods sold is variable. A large portion of the selling and marketing expenses consists of freight-out charges ($19,500), which were also variable. Only 20% of the remaining selling and marketing expenses and 25% of the website expenses were variable of the other operating expenses, 90% were fixed Based on this Information, prepare Fabulous Flamingos contribution margin income statement for last year. Data Table Fabulous Flamingos Contribution Margin Income Statement For the Year Ended December 31 A Lone 1 Fabulous Flamingos 2 Traditional Income Statement (Absorption Costing) 3 For the Year Ended December 31 4 Sales revenue $ 1,011,000 5 Loss Cost of goods sold 566,000 6 Gross profit $ 345,000 7 Loss operating expenses 8 Selling and marketing expenses 5 62 500 9 Website maintenance expenses 60,000 10 Other operating expenses 18,400 140.900 $ 11 Operating income 204,100 Less Choose from any list or enter any number in the input fields and then click Check Ans narts showina ascriot.doExercise (8)