Accounting E7-38A

i Data Table Can Fabulous Flamingos Traditional Income Statement (Absorption Costing) For the Year Ended December 31 Sales revenue Less: Cost of goods sold Gross profit Less operating expenses s 1,008,000 669,000 S 339,000 Seling and marketing expenses Website maintenance expenses Other operating expenses 62.000 57,500 17.700 137,200 201,800 operating income Print Done nue to the next question. Fabulous Flamingos is a specialty pet gift shop selling exotic pet-related items online. The shop has no physical location Results for last year are shown next EEB(Click the icon to view the resuts ) For internal planning and decision-making purposes, the owner of Fabulous Flamingos would ike to translate the company's income statement nto the contiribution margin format. Since Fabulous Flamingos is online only, al of its cost of goods sold is vaniable A large portion of the selling and ma eing expenses cons sts of t eight out charges $19600, which were also va able ly 20% of the remaining se ng and marketing expenses and 25% of the website expenses were vanable or the other operating expenses, 90% were hed Based on this nt maton. prepare Fabulous Flamingos contribution margin income statement for last year Fabulous Flamingos Contribution Margin Income Statement For the Year Ended December 31