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Kenneth Clark, an up-and-coming fashion designer, created a new line of men's fashion socks in response to the growing number of celebrities who are expressing their individuality by replacing traditional navy and black socks with brighter colors and bold patterns. At a sales price of $13 per pair, Kenneth estimates monthly sales volume will be 25,100 pairs. Variable product costs will be $9.80 per pair and fixed overhead will be $2.00 per pair. Sixty percent of the fixed overhead is directly traceable to the new sock line. To promote the socks, Clark proposes a $1.26 per pair commission to the company's salespeople and a $11,600 per month advertising campaign. In compliance with corporate policy, the socks will also be allocated $45,600 in fixed corporate support costs. (a) (b) Your answer is partially correct. Prepare a monthly income statement that highlights the proposed sock line's segment margin. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).] Kenneth Clark Monthly Income Statement Sales revenue Contribution margin v Advertising $ Cost of goods sold Segment margin Sales revenue Variable expenses Commissions Attempts: unlimited Submit Answer Contribution margin Advertising Traceable fixed expenses