The following is the contribution income statement for The Bivans Company:

Required: Based on the contribution income statement for The Bivans Company, prepare a condensed contribution income statement.

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The Bivans Company Contribution Income Statement For the Year Ended December 31, 2005 Sales Variable Cost: $800,000 Cost of Goods Sold $420,000 Variable Selling Expense 75,000 Variable Administrative Expense 33,000 Total Variable Cost (528,000) Contribution Margin $272,000 Fixed Cost: Fixed Selling Expense $128,000 Fixed Administrative Expense 53,000 Total Fixed Cost Operating Income (181,000) $ 91,000