Assume University Athletic Pharoah Club sells T-shirts for $23 and anticipates selling 5,600 shirts during football season. The club purchases the shirts from a local dealer for $17.50. Budgeted fixed costs of $24,000 are made up of $2,600 of selling expense and the remainder is $16,600 administrative expense. The selling expenses include a sales commission of $0.11 per shirt. All other selling costs are fixed. Prepare an income statement in the contribution margin format. University Athletic Pharoah Club Income Statement $ Cost of Goods Sold Variable Cost Contribution Margin Sales Operating Income Fixed Cost Attempts: 0 of 1 used Submit