Name Date time You may use your book and the spread sheet answers from the Unit assignment sheet in completing this excam Garland Company gathered the following information for the year ended December 31, 20XT: Garland Company Income Statement Year Ended December 31, 20X7 Sales revenue Cost of goods sold Gross margin Operating expenses Marketing expenses Administrative expenses Total operating expenses Operating income $750 000 455.000 295,000 $52,000 73,000 125 000 $170.000 Total fixed manufacturing expenses amounted to $210,000 Marketing expenses were 25% variable and 75% fixed. Administrative expenses were 80% fixed and 20% variable. Assume units produced equaled units sold. a) Prepare a contribution margin income statement. b) Assuming unit sales increase 20%, calculate the new operating income