E6-36A (similar to) Question Help Fabulous Flamingos 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 (Click the icon to view the results.) For internal planning and decision-making purposes, the owner of Fabulous Flamingos would like to translate the company's income statement into the contribution margin format. Since Fabulous Flamingos 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 ($20,400), 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 Fabulous Flamingos contribution margin income statement for last year Data Table Fabulous Flamingos Traditional Income Statement (Absorption Costing) For the Year Ended December 31 Sales revenue $ 1,011,000 Less Cost of goods sold 668,000 Gross profit S 343,000 Less operating expenses Selling and marketing expenses S 62,000 Website maintenance expenses 55,500 18,400 135,900 Other operating expenses $ 207,100 Operating income swer. Check Answer o a Bt e E6-36A (similar to) Fabulous Flamingos is a specialty pet gift shop selling exotic pet-related items online. The shop has no physical location Results for las Click the icon to view the results) For internal planning and decision-making purposes, the owner of Fabulous Flamingos would like to translate the company's income ste large portion of the selling and marketing expenses consists of freight-out charges ($20,400), which were also variable. Only 20% of the 90% were fixed Based on this information, prepare Fabulous Flamingos' contribution margin income statement for last year Fabulous Flamingos Contribution Margin Income Statement For the Year Ended December 31 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 foxed expenses Total variable expenses Variable expenses Variable selling and marketing expenses Variable website maintenance expenses iput fields and then click Check Answer. All parts showing Clear All