Help please!!

E6-61B. Prepare a contribution margin income statement (Learning Objective 6) Three Turtles 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: D 1 2 $ Three Turtles Traditional Income Statement (Absorption Costing) 3 For the Year Ended December 31 4 5 Sales revenue 6 Less: Cost of goods sold 7 Gross profit 8 Less operating expenses 9 Selling and marketing expenses S 62.000 10 Website maintenance expenses 58.500 11 Other operating expenses 17 000 12 Operating income 13 990,000 672.000 318,000 137 500 180.500 $ For internal planning and decision-making purposes, the owner of Three Turtles would like to translate the company's income statement into the contribution margin format. Since Three Turtles 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 $19,000, 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 Three Turtles' contribution margin income statement for last year. () Three Turtles Contribution Margin Income Statement For the Year Ended December 31 Sales revenue 990,000 Variable expenses: Cost of goods sold (612000 Variable selling and marketing expenses (2.1600) Variable website maintenance expenses 2147025 Other variable operating expenses Total variable expenses (4.3.925) Contribution margin 274075 Fixed expenses: Fixed selling and marketing expenses (3440) Fixed website maintenance expenses (43875 Other fixed operating expenses (1530) Total fixed expenses (93575) Operating income 180.500 Works 27600 (19000) *[(62000-19000)*204 Calculations for selling and marketing expenses: 1402 550OX SA Voos 7000X10% Total selling and marketing expenses $ 344001 2000 - 1000 43875 3B Soo X96% Variable freight-out 15300- 17000 x 90% Remaining selling and marketing expenses $ Variable: $ % = $ (freight out) = $. Fixed: 5. 96 = $ Calculations for website maintenance expenses: Variable: $ % 5. Fixed: $ % = $ - Calculations for other operating expenses: Variable: $ % $ Fixed: $ % $