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 $3,200 each. Variable selling expenses are $290 per ATV. The remaining selling expenses are fixed. Administrative expenses are 80% variable and 20% fixed. The company does not manufacture its own ATVs, it purchases them from a supplier for $1,850 each. POLARIX Income Statement-Consumer ATV Department For Year Ended December 31 Sales $611,200 Cost of goods sold 353, 350 Gross margin 257,850 Operating expenses Selling expenses $165,000 Administrative expenses 41,700 206,700 Net income $ 51,150 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.) $ 611,200 POLARIX Income Statement - Consumer ATV Department For Year Ended December 31 Sales Less: Variable expenses Variable cost of goods sold 353,350 Variable administrative expenses Total selling expenses 353,350 Total variable expenses Contribution margin Less: Fixed expenses Help Save & Exit Subm 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.) $ 611,200 POLARIX Income Statement - Consumer ATV Department For Year Ended December 31 Sales Less: Variable expenses Variable cost of goods sold $ 353,350 Variable administrative expenses Total selling expenses 353,350 Total variable expenses Contribution margin Less: Fixed expenses Fixed selling expenses Fixed administrative expenses Total 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 margin per ATV