ecial Seals 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 $)$

internal planning and decision$-$making purposes, the owner of Special Seals would like to translate the company's income statement into the contribution margin format Since Special Seals is online only, all is cost of goods sold is variable. A large portion of the selling and marketing expenses consists of freight$-$out charges $($$$19,500),$ which were also variable. Only $20\%$ of the remaining selling and marketing penses and $25\%$ of the website expenses were variable. Of the other operating expenses, $90\%$ were fixed. Based on this information, prepare Special Seals' contribution margin income statement for last year.

Special Seals

Contribution Margin Income Statement

For the Year Ended December $31$