Cute Pets is a small e-tail business specializing in the sale of exotic pet gifts and accessories over the web. The business is owned by a sole proprietor and operated out of her home. Results for last year are as follows: (Click the icon view the results For intem al planning and decision-making purposes, the owner of Cute Pets would like to translate the company's income statement into the contribution margin format. Since Cute Pets is an e-tailer, all of its cost of goods sold was variable. A large portion of the selling and marketing expenses consisted of freight-out charges (523,000), 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 Cute Pets's contribution margin income statement for last year. Prepare the Cute Pets contribution margin income statement for last year. Cute Pets Contribution Margin Income Statement For the Year Ended December 31 Operating income Sales revenue Contribution margin Cost of goods sold Fixed expenses: Fixed selling and marketing expenses Fixed website maintenance expenses Operating income Other fixed operating expenses Other variable operating expenses Sales revenue Total fixed expenses Total variable expenses Variable expenses: Variable selling and marketing expenses Variable website maintenance expenses i X Data Table Cute Pets Income Statement Year Ended December 31 Sales revenue $ 996,000 (695,000) 301,000 Cost of goods sold Gross profit Operating expenses: Selling and marketing expenses $ 65,500 Website maintenance expenses 58,000 21,500 Other operating expenses Total operating expenses (145,000) $ 156,000 Operating income Print Done