Prisha recently graduated from college and is now working as an accountant for Gemini Inc. She has been looking at the company's costs and cost behaviours. Her analysis revealed that the administrative expenses were all fixed and that the fixed portion of the cost of goods sold for the quarter amounted to $94,000. In addition, she discovered 20% of the selling costs were variable costs with respect to the number of units sold. Below is the first quarter report for Gemini Inc. as at April 30, 2021: Gemini Inc. Income Statement For the April 30, 2021 Quarter Ended Sales $ 483,900 Less: Cost of goods sold 221,400 Gross margin 262,500 Less: Selling expenses 87,300 Administrative expenses 150,500 237,800 Net Income $ 24,700 Required: Using the above information and the Company's most recent income statement, recreate the income statement using the contribution margin approach. (show all calculations) (4 marks)