Polaris is a retailer of ATVs (all-terrain vehicles) and accessories. An income statement for its Consumer ATV Department for the current year follows. ATVs sell for $3,400 each Variable selling expenses are $260 per ATV. The remaining selling expenses are fixed. Administrative expenses are 10% variable and 90% fixed. The company does not manufacture its own ATVs, it purchases them from a supplier for $1,910 each POLARIX Income Statement-consumer ATV Department For Year Ended December 31 Sales 5680,000 Cost of goods sold 382,000 Gross margin 298,000 Operating expenses Selling expenses $145,000 Administrative expenses 42,800 187,300 Net Income $110,200 Required: 1. Prepare an income statement for the current year using the contribution margin format (Do not round intermediate calculations. Round contribution margin per ATV value to the nearest whole number.) POLARIX Income Statement Consumer ATV Department For Year Ended December 31 Nem het POLARIX Income Statement-Consumer ATV Department For Year Ended December 31 Sales $630,000 Cost of goods sold 382,000 Gross margin 298.000 Operating expenses Selling expenses $145,000 Adinistrative expenses 42,800 187,800 Net Income $110,200 Required: 1. Prepare an income statement for the current year using the contribution margin format. (Do not round intermediate calculations. Round contribution margin per ATV value to the nearest whole number.) POLARIX Income Statement Consumer ATV Department For Year Ended December 31 Net Income foss) 2. For each ATV sold during this year, what is the contribution toward covering fixed Contribution margin per ATV