Prepare Five Macaws' contribution margin income statement for last year.

(Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instruction tab you will be marked wrong.)

a. Enter all amounts as positive values. Do not use a minus sign or parentheses for any values to be subtracted.

b. Follow the format shown in Exhibit 6-22.

Five Macaws is a specialty pet gift shop selling exotic pet-related items online. The shop has no physical location. Results for last year are shown next: Five Macaws Traditional Income Statement (Absorption Costing) For the Year Ended December 31 Sales revenue $990,000 Less: Cost of goods sold 673,000 Gross profit $317,000 Less operating expenses: Selling and marketing expenses $ 65,500 Website maintenance expenses 58,000 Other operating expenses 17,600 141,100 Operating income $175,900