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B D E G H The 4 x 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 x 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 $53 per liner sold. The remaining selling expenses are fixed. The administrative expenses are 22% variable and 78% fixed. The company purchases its liners from a supplier at a cost of $125 per liner. Required: Prepare an income statement for the quarter, using the contribution approach. Summary Q1 Q2 Q3 Q4 Scoring Rubric +