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 $3,400 each. Variable selling expenses are $240 per ATV. The remaining selling expenses are fixed. Administrative expenses are 30% variable and 70% fixed. The company does not manufacture its own ATVs; it purchases them from a supplier for $1,920 each. POLARIX Income StatementConsumer ATV Department For Year Ended December 31 Sales $ 680,000 Cost of goods sold 384,000 Gross margin 296,000 Operating expenses Selling expenses $ 140,000 Administrative expenses 41,900 181,900 Net income $ 114,100 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.)