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Problem #3 (15 points): Bee Company is a honey wholesaler. An income statement and other data for the quarter ended June 30 are shown below. Sales Cost of goods sold Gross margin Selling and administrative expenses: Selling Administrative 960,000 420,000 540,000 200,000 75,000 275,000 265,000 Net operating income Other relevant data is as follows: Average selling price is $60 per unit. Selling expenses consist of fixed selling expenses plus commissions of 8% of sales Administrative expenses consist of fixed administrative expenses plus $2 per unit sold. a) b) c) Requirement Calculate fixed costs for both selling and administrative. Using the cost formula for mixed costs, prepare the cost formula for selling and administrative expenses Using your answers to "a" and "b" above, prepare a contribution format income statement. a) b) c)