Manufacturing Firm Income Statement Clear Water Drinking Company manufactures high-quality drinking flasks and sold 201,000 flasks during the month of March at a total cost of $4,045,000. Each flask sold at a price of $50. Clear Water also incurred two types of selling costs: commissions equal to 5% of the sales price and fixed selling expense of $1,510,000. Administrative expense totaled $2,116,000. Required: Prepare an income statement for Clear Water Drinking for the month of March. Enter all amount as positive number. Clear Water Drinking Company Income Statement For the Month of March Line Item Description Sales revenue Cost of goods sold Gross margin Less: Amount Amount 3,626,000 X 4,045,000 Selling expense: Variable commissions 40,000 X Fixed selling expense 1,510,000 Administrative expense 2,116,000 Operating income