Lovable Lions 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 Lovable Lions would like to translate the company's income statement into the contribution margin format. Since Lovable Lions 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 (S20,000), 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 Lovable Lions' contribution margin income statornient for last year. 1,002,000 669,000 Lovable Lions Contribution Margin Income Statement For the Year Ended December 31 Sales revenue S Less: Variable expenses Cost of goods sold Variable selling and marketing expenses Variable website maintenance expenses Other variable operating expenses Contribution margin Fixed expenses Less: Fixed selling and marketing expenses Fixed website maintenance expenses Other fixed operating expenses Operating income Choose from any list or enter any number in the input fields and then click Check Answer. ? All parts showing Clear All Final Check i X Data Table A B 1 Lovable Lions 2 Traditional Income Statement (Absorption Costing) 3 For the Year Ended December 31 4. Sales revenue $ 1,002,000 01 Less: Cost of goods sold 669,000 6 Gross profit $ 333,000 7 Less operating expenses: Selling and marketing expenses 8 $ 66,000 9 Website maintenance expenses 58,500 10 Other operating expenses 18,600 143,100 11 Operating income $ 189,900