Halo Rain Gear sells monogrammed umbrellas on Etsy. Halo Rain Gear is currently selling $1,800$ umbrellas a month at a price of $$20$ per umbrella. The variable cost of each umbrella sold includes $$14$ to purchase the merchandise from suppliers and a $$2$ commission paid to Etsy. Fixed costs are $$3,000$ per month. The company is considering raising the selling price of each umbrella to $$30$ but believes the number of umbrellas sold would drop by $35\%$ as a result of the price increase. Should Halo Rain Gear raise the selling price of its umbrellas?

Begin by preparing the contribution margin income statement at the current selling price of $$20$ per umbrella.