Gorgeous Gorillas 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 Gorgeous Gorillas would like to translate the company's income statement into the contribution margin format. Since Gorgeous Gorillas is online only, all of its cost c goods sold is variable. A large portion of the selling and marketing expenses consists of freight-out charges ($20,200). 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 Gorgeous Gorillas" contribution margin income statement for last year. For the Year Ended December 31 Sales revenue Less: Variable expenses Cost of goods sold Variable selling and marketing expenses Variable website maintenance expenses Other variable operating expenses Contribution margin Less: Fixed expenses Fixed selling and marketing expenses Fixed website maintenance expenses Other fixed operating expenses 1002000) 672000 3 Data table 1 2 A B C Gorgeous Gorillas Traditional Income Statement (Absorption Costing) For the Year Ended December 31 4 Sales revenue 5 Less: Cost of goods sold 6 Gross profit $ 1,002,000 672,000 $ 330,000 7 Less operating expenses: 8 Selling and marketing expenses $ 65,000 9 Website maintenance expenses 56,500 10 Other operating expenses 18,400 139,900 11 Operating income $ 190,100 Print Done Fixed website maintenance expenses Other fixed operating expenses Operating income