Contribution Approach Income Statement. Vinson's Deep-Discount Store presented the following information for the year ended December 31, 20x2. Sales... Inventory January 1, 20x2 $850,000 60,000 Inventory December 31, 2012 30.000 Purchases 400,000 Selling expenses 160,000 Administrative expenses. 170,000 Further examination reveals that $40.000 of the selling expenses and 500 000 of the administrative expenses were fixed. Prepare an income statement for the year ended December 31, 20x2. using the contribution margin approach..