Elegant Elephants is a specialty pet gift shop selling exotic pet-related items online. T Elegant Elephants Contribution Margin Income Statement For the Year Ended December 31 Contribution margin Cost of goods sold Fixed expenses Fixed selling and marketing expenses Fixed website maintenance expenses Operating income Other fixed operating expenses Other variable operating expenses Sales revenue Total fixed expenses Total variable expenses Variable expenses Variable selling and marketing expenses Variable website maintenance aynenses Elegant Elephants 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: (Click the icon to view the results.) For internal planning and decision-making purposes, the owner of Elegant Elephants would like to translate the company's income statement into the contribution margin format. Since Elegant Elephants is online only, all of its cost of goods sold is variable. A large portion of the selling and marketing expenses consists of freight-out charges ($20,000), which were also variable. Only 20% of the remaining selling and marketing expenses and 25% of the website expenses were variable. Of the other operating expenses, 90% were fixed. Based on this information, prepare Elegant Elephants' contribution margin income statement for last year. Data table Elegant Elephants Contribution Margin Income Statement For the Year Ended December 31 A B ? Less: 1 Elegant Elephants 2 Traditional Income Statement (Absorption Costing) For the Year Ended December 31 4 Sales revenue S 1,011,000 5 Less: Cost of goods sold 667,000 6 Gross profit $ 344,000 7 Less operating expenses 8 Selling and marketing expenses $ 64,500 9 Website maintenance expenses 58,500 10 Other operating expenses 18,2001 141,200 11 Operating income 202,800 Less