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 $4,000 each. Variable selling expenses are $260 per ATV The remaining selling expenses are foved. Administrative expenses are 60% variable and 40% fed. The company does not manufacture its own ATVs, it purchases them from a supplier for $1.900 each POLARTX Income Statement-Consumer ATV Department For Year Ended December 31 Sales $60,004 Cost of goods sold 313,500 Gross margin 146,500 Operating expenses Selling expenses $165,000 Administrative expenses 42200 207,200 Net income $135,000 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 numbet.) POLARIX Income Statement - Consumer ATV Department For Year Ended December 31 Not income (loss) 2. For each ATV sold during this year, what is the contribution toward covering foued expenses and earning income? Contribution margin por ATV 22 Next > n