Beautiful Baboons 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: (Click the icon to view the results.) For internal planning and decision-making purposes, the owner of Beautiful Baboons would like to translate the company's income statement into the contribution margin format. Since Beautiful Baboons is online only, all of its cost of goods sold is variable. A large portion of the selling and marketing expenses consists of freight-out charges ($20,800), which were also variable. Only 20% of the remaining selling and marketing expenses and 25% of the website expenses were variable. Of the other operating expenses, 90% were fixed. Based on this information, prepare Beautiful Baboons' contribution margin income statement for last year Data Table - X Beautiful Baboons Contribution Margin Income Statement For the Year Ended December 31 Beautiful Baboons Sales revenue 987000 Traditional Income Statement (Absorption Costing) Less: Variable expenses For the Year Ended December 31 Cost of goods sold 671000 Sales revenue S 987,000 Variable selling and marketing expenses Less Cost of goods sold 671.000 Variable website maintenance expenses Gross profit S 316,000 Other vari te operating expenses Less operating expenses Contribution margin Selling and marketing expenses S 63.000 Less Fixed expenses Website maintenance expenses 59.500 17.000 139.500 Choose from any list or enter any number in the input fields and then click Check Answer Other operating expenses 176,500 Operating income Check Answer For internal planning and decision- making purposes, the owner of Beautiful Baboons would like to translate the company's income statement into the contribution margin format. Since Beautiful Baboons is online only, all of its cost of goods sold is variable. A large portion of the selling and marketing expenses consists of freight-out charges (520,800), which were also variable. Only 20% of the remaining selling and marketing expenses and 25% of the website expenses were variable. Of the other operating expenses, 90% were fixed. Based on this information, prepare Beautiful Baboons' contribution margin income statement for last year Less: Variable expenses Data Table - X Cost of goods sold 671000 Variable selling and marketing expenses Variable website maintenance expenses Beautiful Baboons Other variable operating expenses Traditional Income Statement (Absorption Costing) Contribution margin For the Year Ended December 31 Less Fixed expenses Sales revenue S 987.000 Fixed selling and marketing expenses 671.000 Less: Cost of goods sold Fixed website maintenance expenses Gross profit $ 316,000 Other fixed operating expenses Less operating expenses Selling and marketing expenses $ 63.000 Operating income Website maintenance expenses 59.500 17.000 139.500 Other operating expenses Choose from any list or enter any number in the input fields and then click Check Answer S Operating income Check Answer 176 500
