5 Polarix is a retailer of ATVs (all terrain vehicles) and accessories. An income statement for its Consumer ATV Department for the current year follows ATVs sell for $4,000 each. Variable selling expenses are $290 per ATV. The remaining selling expenses are fixed Administrative expenses are 70% variable and 30% fixed. The company does not manufacture its own ATVs: it purchases them from a supplier for $1,840 each. POLAREX Income Statement-Consumer ATV Department For Year Ended December 31 Sales Cost of goods sold Gross margin Operating expenses $624,000 287,040 336,960 Selling expenses Net income Administrative expenses $155,000 43,500 197,500 $130,460 Required: 1. Prepare an income statement for the current year using the contribution margin format. (Do not round intermediate calculations. Round contribution margin per ATV value to the nearest whole number.) Answer is not complete. POLARIX Income Statement Consumer ATV Department For Year Ended December 31 Sales Return to quem