Polarix 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 $220 per ATV. The remaining selling expenses are fixed. Administrative expenses are 40% variable and 60% 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 $624,000 Cost of goods sold 297,960 Gross margin 326,040 Operating expenses Selling expenses $150,000 Administrative expenses 42,600 192,600 Net income $133,440 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 Sales 624,000 hace Variable en POLARIX Income Statement - Consumer ATV Department For Year Ended December 31 Sales Less: Variable expenses Variable cost of goods sold $ 297,960 Variable selling expenses Variable administrative expenses 624,000 297,960 Total variable expenses Contribution margin Less: Fixed expenses Fixed selling expenses Fixed administrative expenses Net income (loss) 2. For each ATV sold during this year, what is the contribution toward covering fixed expenses and earning income? Contribution marain der ATV