E3-38A (similar to) 18 Question Help Great 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 to view the results.) For internal planning and decision-making purposes, the owner of Great Pets would like to translate the company's income statement into the contribution margin format. Since Great 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 ($19,500), 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 Great Pets's contribution margin income statement for last year. Data Table Contribution Margin Income Statement For the Year Ended December 31 1,011,000 Great Pets Sales revenue Variable expenses: Cost of goods sold Variable selling and marketing expenses Income Statement 695,000 Year Ended December 31 Variable website maintenance expenses Sales revenue $ 1,011,000 (695,000) Other variable operating expenses 316,000 Total variable expenses Contribution margin Fixed expenses: Fixed selling and marketing expenses Fixed website maintenance expenses Other fixed operating expenses Cost of goods sold Gross profit Operating expenses: Selling and marketing expenses Website maintenance expenses $ 62,000 60,000 19,000 Other operating expenses Total operating expenses (141,000) $ 175,000 Total fixed expenses Operating income Choose from any list or enter any number in the input fields and then click Check Answer. ? Print Done All parts showing Clear AI neck