PLACE YOUR ANSWERS TO THE FOLLOWING QUESTIONS INS EXAMINATION BOOKLETS PROVIDED, DO NOT PROVIDE ANY The 4 x 4 Shop is a large retailer of equipment for pickup tucks An ingamlo wn ANSWERS ON HIS OUESTION BOOKLET company's bed liner department for the most recent qun rter is presen The 4 x 4 Shop Income Statement-Liner Department For First Quarter of Current Year Sales Less cost of goods sold Gross margin Less operating expenses Selling expenses Administrative expenses $700,000 250.000 450,000 $195,000 145.000-340,000 $110.000 Net income The liners sell, on average, for $350 each. The department's variable selling expenses are $35 per liner sold. The remaining selling expenses are fixed. The administrative expenses are variable and 75% fixed. The company purchases its liners from a supplier at a cost of$125 per iner Required Prepare an income statement for the quarter, using the contribution (variable) approach