Crazy Canucks is a small, family-owned retailer specializing in alpine ski and snowboard equipment located in Squamish, B.C. An income statement for the ski department's most recent month is shown below. CRAZY CANUCKS Income Statement-Crazy Canucks For the Month Ended January 31 Sales Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses Administrative expenses Operating income $318,000 190,800 127,200 $63,600 21,200 84,800 $ 42,400 Skis sell, on average, for $1,500 per pair. Variable selling expenses are $162 per pair of skis sold. The remaining selling expenses are. fixed. The administrative expenses are 20% variable and 80% fixed. The company purchases its skis from several suppliers at an average cost of $900 per pair. Required: 1. Prepare an income statement for the month using the contribution approach. Answer is not complete. Crazy Canucks Income Statement-Crazy Canucks For the Month Ended January 31 Sales Variable expenses: Cost of goods sold $ 318,000 $ 190,800 Skis sell, on average, for $1,500 per pair. Variable selling expenses are $162 per pair of skis sold. The remaining selling expenses are fixed. The administrative expenses are 20% variable and 80% fixed. The company purchases its skis from several suppliers at an average cost of $900 per pair. Required: 1. Prepare an income statement for the month using the contribution approach. Answer is not complete. Crazy Canucks Income Statement-Crazy Canucks For the Month Ended January 31 Sales Variable expenses Cost of goods sold Seling expenses Administrative expenses Contribution margin Fixed expenses Selling expenses Administrative expenses Operating income $ 318,000 $ 190,800 4,240 195,040 $ 122,960 0000 $ 63,600 16,960 80,560 $ 42,400 000 2. For every pair of skis sold during January, what was the contribution toward covering fixed expenses and toward earning profits? Answer is complete but not entirely correct. Contribution margin $ 580 per pair 3. What would the total contribution margin be in a month where 162 pairs of skis were sold? Answer is complete but not entirely correct. Total contribution margin $ 93,960