$11)$The $4\backslash$times $4$ Shop is a large retailer of equipment for pickup trucks. An income statement for the company's Bed Liner Department for the most recent quarter is presented below:

The $4\backslash$times $4$ Shop

Income Statement $-$ Liner Department for First Quarter of Current Year

Sales $$800,000$

Less: Cost of goods sold $260,000$

Gross margin $$540,000$

Less: Operating expenses:

Selling expenses $$200,020$

Administrative expenses $190,000390,020$

Net income $$149,980$

The liners sell, on average, for $$500$ each. The department's variable selling expenses are $$45$ per liner sold. The remaining selling expenses are fixed. The administrative expenses are $35\%$ variable and $65\%$ fixed. The company purchases its liners from a supplier at a cost of $$155$ per liner.

Required:

Prepare an income statement for the quarter, using the contribution approach. $(5$ pts$)$