Ray Placid is considering opening the Placid Greeting Card Shop in a local mall. The store rent will be \($550\) per month, the cost of telephone service will be about \($95\) per month, and based on the size of the store, Ray believes that cost of electricity will average about \($200\) per month. Ray will be able to buy the greeting cards for \($0.50\) each and plans to sell them for \($2\) each. Salaries are expected to be \($1,200\) per month regardless of the number of cards sold. Ray estimates that other miscellaneous fixed costs will total \($150\) per month and miscellaneous variable cost will be \($0.10\) per card. Ray anticipates that he will be able to sell about 3,000 greeting cards per month. If Ray opens the store, his first month of business will be November 2004.

Required: Prepare a projected contribution approach income statement for November 2004.