/14 SCore: ALT-CONVERT-IS-CVP Select Exercise (1-5) Romaine Corporation had Sales of $300,000 and Cost of Goods Sold of $140,000. Selling and Administrative Expenses were $100,000. Construct a traditional Income Statement for 2018. SALES - COST OF GOODS SOLD GROSS PROFIT SELLING AND ADMINISTRATIVE EXPENSES OPERATING INCOME Further information: the Cost of Goods Sold was 60% variable and 40% fixed. The Selling and Administrative Expenses were 70% variable and 30% fixed. Convert the traditional income statement to a CVP income statement. SALES 0 VARIABLE COST OF GOODS SOLD 0 VARIABLE SELLING AND ADMIN. EXPENSES 0 CONTRIBUTION MARGIN FIXED COST OF GOODS SOLD FIXED SELLING AND ADMIN. EXPENSES OPERATING INCOME 0