Crane Company has four operating divisions. During the first quarter of 2022, the company reported aggregate income from operations of $194,000 and the following divisional results. Division I II III IV Sales $251,000 $195,000 $502,000 $446,000 Cost of goods sold 205,000 189,000 302,000 251,000 Selling and administrative expenses 76,000 63,000 60,000 54,000 Income (loss) from operations $ (30,000) $ (57,000) $140,000 $141,000 Analysis reveals the following percentages of variable costs in each division. | III IV Cost of goods sold 68 % 90 % 79 % 73 % Selling and administrative expenses 39 57 4 57 49 62 62