Multi Part Question. Show all your work

The Rhythm Shop is a large retailer of acoustic, electric, and bass guitars. An income statement for the company's acoustic guitar department for a recent quarter is presented below: THE RHYTHM SHOP Income Statement-Acoustic Guitar Department For the Quarter Ended March 31 Sales Cost of goods sold $1,600,000 800,000 800,000 Gross margin Selling and administrative expenses: Selling expenses Administrative expenses $ 400,000 200,000 600,000 Operating income $ 200,000 The guitars sell, on average, for $800 each. The department's variable selling expenses are $75 per guitar sold. The remaining selling expenses are fixed. The administrative expenses are 25% variable and 75% fixed. The company purchases its guitars from several suppliers at an average cost of $400 per guitar. Required: 1. Prepare an income statement for the quarter using the contribution approach. THE RHYTHM SHOP Income Statement-Acoustic Guitar Department For the Quarter Ended March 31 Variable expenses: 0 $ 0 Fixed expenses: 0 $ 0