Return to questi 4 Exercise 6-8 Contribution margin format income statement LO P2 Polarix is a retailer of ATVs (all-terrain vehicles) and accessories. An income statement for its Consumer ATV Department for the current year follows. ATVs sell for $3,800 each. Variable selling expenses are $270 per ATV. The remaining selling expenses are fixed. Administrative expenses are 40% variable and 60% fixed. The compan does not manufacture its own ATVs; it purchases them from a supplier for $1,830 each 16.66 points POLARIX Income Statement-Consumer ATV Department For Year Ended December 31, 2017 $646,000 311,100 Sales Cost of goods sold Gross margin Operating expenses 334,900 Selling expenses Administrative expenses $135,0e0 59,500 194,500 $140,400 Net income Required 1. Prepare an income statement for this current year using the contribution margin format. (Do not round intermediate calculations. Round contribution margin per ATV value to the nearest whole number.) Answer is not complete Return to question 4 Answer is not complete. POLARI Income Statement- Consumer ATV Department For Year Ended December 31, 2017 16.66 points Sales $ 646,000 Plus: Variable expenses Fixed cost of goods sold Total selling expenses Total administrative expenses Fixed selling expenses Total administrative expenses Less: Variable expenses Net income (loss) For each ATV sold during this year, what is the contribution toward covering fixed expenses and earning income? Contribution margin per ATV