Great Giraffes Traditional Income Statement (Absorption Costing) For the Year Ended December 31 Sales revenue 1,014,000 670,000 Less: Cost of goods sold 344,000 66,000 Gross profit Less operating expenses: Selling and marketing expenses Website maintenance expenses Other operating expenses Operating income 57,000 18.800 141,800 202,200 Print Done Great Giralles is a specialty pet gift shop selling exotic pat-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 Great Giraffes would like to translate the company's income statement into the contribution margin format Since Great Giraffes 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 ($20.800), 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 Great Girafes contribution margin income statement for last year. owner Sullon lolo. A 1,014,000 Great Giraffes Contribution Margin Income Statement 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 670,000 Choose from any list TI TI 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 expense Other fixed operating expens Operating income $ 202,200