The condensed budgeted income statement for the Mary and James partnership for 2022 is as follows: MARY AND JAMES LLP Income Statement Year Ending December 31, 2022 Sales (192,000 units) Cost of goods sold Gross profit $960,000 640,000 320,000 Operating expenses Selling $224,000 Administrative 120,000 344,000 Operating loss $(24,000) A cost behaviour analysis indicates that 75% of the cost of goods sold is variable, 42% of the selling expenses are variable, and 40% of the administrative expenses are variable. (Use the CVP income statement format in calculating operating income.)