Liamter Inc. is a small business that sells office chairs in Toronto. A gross margin income statement for a recent quarter is presented below. Liamter Inc. Gross Margin Income Statement For the Most Recent Quarter Sales $225,000 Cost of goods sold 150,750 Gross margin 74,250 Selling and administrative expenses: Selling expenses 17,800 Administrative expenses 32,700 50,500 Operating income $23,750 The office chairs sell, on average, for $80 each. The company's variable selling expenses are $5.00 per office chair sold. The remaining selling expenses are fixed. Variable administrative expenses are 1% of sales. Assume all cost of goods sold are variable costs. Carefully check your answers before submitting. If you get a response incorrect in the beginning of the question, this could result in the remaining parts also being incorrect. Make sure you carry through all digits and only round your final answers. Negative numbers should be entered with a negative sign, not brackets. 1. What are the total variable costs (rounded to the nearest dollar)? (3 marks) Number