Always use cell references and formulas where appropriate to receive full credit. If you copwipaste from the Instruction tab you will be marked w Cost Behavior Prepare a contributian margin income statement Flve Maaws Cantribution Margin Income Statement For the Year Ended December 31 Five Macaws is a specialty pet giftshop selling exotic pet-related iterns online. The shop has no physical location. Results for last year are shouwn next: ales revenue Five Macaws Less: Variable expenses Traditional Income Statement ion Costi For the Year Ended December 31 Varlable cost of goods sold Variable selling and marketi Variable website aintenance eK Other vaiable operating experses g0,D00 673,000 5317,000 Less: Cost of goads sold ross profit Less 12 13 Contribution margin Less: Fixed expenses Fixed selling and marketing eoperses Fixed web site mainterances Other fixed operating experses 65,500 58,ica Sellirg and marketing expenses Website maintenance 15 600 141,100 Operating income 175,900 18 19 Far internal panning and decisian-making purposes, the owner of Five Macaws would like to translate the comparry's income statemerit into the contribution margin format. Sirce Five Macaws is online orly, all of its cost of gcods sold is variable. A large portion of the selling and marketing expenses consists of freight-out changes ($19,4001, which were also vanable. Only 20% of the remaining selling and marketing expenses and S% af the website expenses were variable. Of the other aperating expenses, 90% were fixed. 23 Use the blue shaded areas on the ENTERANSWERS tab for inputs. Always use cell references and fonmulas where appropriate to receive full credit. If you copy/paste from the Instruction tab you will be marked 27 28 30 Prepare Firve Maraws' contribution margin income statement for last year a Enter all anounts as positive values. Do not use a minus sign or parentheses for ay values to be subtracted. 32 Follow the format shovwn in Exhibit 6-22