Assume University Athletic Ivanhoe Club sells T-shirts for $22 and anticipates selling 5,400 shirts during football season. The club purchases the shirts from a local dealer for $16.50. Budgeted fixed costs of $22,000 are made up of $2,400 of selling expense and the remainder is $16,400 administrative expense. The selling expenses include a sales commission of $0.09 per shirt. All other selling costs are fixed. Prepare an income statement in the contribution margin format. University Athletic Ivanhoe Club Income Statement $ Cost of Goods Sold Operating Income Attempts: 0 of 1 used Submit Answer Variable Cost Fixed Cost Contribution Margin Sales Operating Expenses