Question #2 FRANCORP is a retailer of ABC products. An income statement for the company's bed liner department for the most recent quarter is presented below: FRANCORP Income Statement Ear Lirot nustartar af rurrant Vase The liners sell, on average, for $380 each. The department's variable selling expenses are $40 per liner sold. The remaining selling expenses are fixed. The administrative expenses are 30% variable and 70% fixed. The company purchases its liners from a supplier at a cost of $125 per liner. Note: Cost of Goods Sold is all variable. Required: Prepare an income statement for the quarter, using the contribution approach. FRANCORP Income Statement (Contribution Format) For the First Quarter of the Current Year