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Question 3 (10 mins, 6 marks) The Fancy Car Shop is a large retailer of accessories for cars. An income statement for the company's Window Tint Department for the most recent quarter is presented below: The Fancy Car Shop ncome Statement (Window Tint Department) For the frst quarter of the year Sales Less: Cost of goods sold Gross margin Less:Operating expeneses s 1,100,000 50,000 50,000 Seling expenses Administrative expenses 205,000 132,000 337.000 Net income The tint rolls sell, on average, for $275 each. The department's variable selling expenses a per roll of tint sold. The remaining seling expenses are fixed. T 35% variable and 65% fixed. The administrative expenses are The company purchases its rolls of tint from a supplier at a cost of 562.50 per rall. Required: Prepare an income statement for the quarter, using the contribution approach