For the Month Ended January 31 Sales Cost of goods sold $ 300,000 180,000 Gross margin 120,000 Selling and administrative expenses: Selling expenses Administrative expenses Operating income $60,000 20,000 80,000 $ 40,000 Skis sell, on average, for $1,500 per pair. Variable selling expenses are $150 per pair of skis sold. The remaining selling expenses are ixed. The administrative expenses are 20% variable and 80% fixed. The company purchases its skis from several suppliers at an average cost of $900 per pair. Required: 1. Prepare an Income statement for the month using the contribution approach. Crazy Canucks Income Statement-Crazy Canucks For the Month Ended January 31 Sales S 300,000 Variable expenses: Cost of goods sold S 180,000 Selling expenses 30,000 Administrative expenses 4,000 214,000 Contribution margin S 86,000 Fixed expenses: Administrative expenses S 16,000 Selling expenses 30,000 Operating income S 46,000 40,000 2. For every pair of skis sold during January, what was the contribution toward covering fixed expenses and toward earning profits? Contribution margin per pair 3. What would the total contribution margin be in a month where 150 pairs of skis were sold