E6-36A (similar to) Question Help Elegant Elephants is a specialty pet gift shop selling exotic pet-related items online. The shop has no physical location. Results for last year are shown next EEE(Click the icon to view the results.) For internal planning and decision-making purposes, the owner of Elegant Elephants would like to translate the company's income statement into the contribution margin format. Since Elegant Elephants is online only, all of its cost of goods sold is variable. A large portion of the selling and marketing expenses consists of freight-out charges (520,600), 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 Elegant Elephants' contribution margin income statement for last year. Elegant Elephants - X i Data Table Contribution Margin Income Statement For the Year Ended December 31 Elegant Elephants Less Traditional Income Statement (Absorption Costing) For the Year Ended December 31 Sales revenue 996,000 675,000 Less: Cost of goods sold Gross profit 321,000 Less operating expenses: Less: Selling and marketing expenses 61,000 $ Website maintenance expenses 60,000 17,800 138,800 Other operating expenses $ 182,200 Operating income Print Done