C& C Sports Continuing Problem 2-28 (Part Level Submission) UNIVERSAL'S CONTRIBUTION FORMAT Income Statement 52 Weeks Ended February 1, 2014 Per Unit Ratio Sales $1,039,500 $20.00 100% Less: variable expenses Cost of goods sold Sales commissions 14.80 1.20 16.00 4.00 $769,230 62,370 7 4% 6% 80% 20% Total variable expenses 831,600 207,900 Contribution margin Less: fixed e xpenses Selling 116,500 51,500 Administrative Total fixed expenses 168,000 $ 39,900 Operating income Answer the following