ACCOUNTING 220 TAKE HOME ASSIGNMENT #1 220 001 3. (4 marks) The condensed income statement for Cupboard Company Ltd for 201 6 is as follows Cupboard Company Limited Income Statement Year ended December 31, 2016 Sales Cost of goods sold Gross profit $1,200,000 800,000 $400,000 Operating expenses Selling expenses Administrative expenses $280,000 150,000 430,000 Net income (loss) 30,000 A cost behaviour analysis indicates that 75% of the cost of goods sold is variable, 42% of the selling expenses are variable and 60% of the administrative expenses are fixed. Instructions: (Round to the nearest dollar amount where necessary) Prepare a cost volume profit format income statement using the information above. (4 marks)