Problem 2 Billy Bob's has given you the following income statement for June 2016 Sales Cost of goods sold Gross margin 500,000 300,000 200,000 Operating expenses Salaries and commissions Utilities Rent Other $ 80,000 20,000 22,000 18,000 Total operating expenses Income 140,000 60,000 Billy Bob sells one product, a running shoe for $100 per pair A 10% sales commission, included in Salaries and commissions is the only other variable cost. The manager tells you that this financial statement is not very helpful to her Redo the income statement using the contribution margin format For Billy Bob's determine the break-even in sales dollars and in units