Assume University Athletic Wildhorse Club sells T-shirts for $32 and anticipates selling 7,200 shirts during football season. The club purchases the shirts from a local dealer for $25.50. Budgeted fixed costs of $40,000 are made up of $4,200 of selling expense and the remainder is $18,200 administrative expense. The selling expenses include a sales commission of $0.27 per shirt. All other selling costs are fixed. Prepare an income statement in the contribution margin format. University Athletic Wildhorse Club Income Statement Sales $ 230400 Variable Cost 185544 Contribution Margin Fixed Cost 38056 Operating Income $