Hugable Hippos 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 Hugable Hippos would like to translate the company's income statement into the contribution margin format. Since Hugable Hippos 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 Hugable Hippos' contribution margin income statement for last year. Hugable Hippos 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 Total variable expenses Less: Fixed expenses Fixed selling and marketing expenses Fixed website maintenance expenses Other fixed operating expenses Total fixed expenses 1008000 670000