Cardio World incorporated (CWI) is a sporting goods retaller that specializes in bicycles, running shoes, and related clothing. The firm has become successful by careful attention to trends in cycling, running, and changes in the technology and fashion of sport clothing. In recent years, however, the profit margins have begun to fall, and CWI has decided to employ a contribution income statement to further analyze the company's profitablity. The company has two stores, one in Hartford, Connecticut, and the other in Boston, Massachusetts. The total sales for the two stores for the most recent year are $7,025,000 and $5,875,000 for the Hartford and Boston stores, respectively. Both stores are considered profit centers, and within each store are two profit centers: one for clothing and the other for cycle and running shoes run for Boston but is estimated to be 60/40x for Hartford due to the greater interest in cycling in the Boston area. CWis interested in finding the profit contribution of clothing and cycle \& run at the Hartord store but not at the Boston store. cycle run. Variable operating costs of each store are similar 30% of retail sales at Boston, and at Hortford, variable operating costs are 25% of retail sales for the clothing unit and 35% for the cycle & rup unit. CWI estimates it has a total of $1,175,000 foxed cost, of which $325,000 cannot be traced to either store; of the remating $850,000,$475,000 is traceable to the stores and controllable by store managers, and $375,000 can be traced to the stores but cannot be controlled in the short term by the store managers. These faxed costs are estimated to be traceable to the stores as foliows: Required: 1. Prepare a contribution income statement for CWI showing the contribution margin, controllable margin, and contribution by prote center for both the Boston and Hartford stores, and also for the clothing and cycle \& nun units of the Hartord store