managerial accounting

XE6-57B (book/static) Question Help 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: (Click the icon to view the results.) 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 990,000 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 672,000 62000 58500 17000 715925 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 Choose from any list or enter any number in the input fields and then click Check Answer. Data Table Three Turtles Traditional Income Statement (Absorption Costing) For the Year Ended December 31 Sales revenue $ 990,000 672,000 $ 318,000 Less: Cost of goods sold Gross profit Less operating expenses: Selling and marketing expenses Website maintenance expenses 62,000 58,500 17,000 Other operating expenses 137,500 180,500 $ Operating income Print Done