Question 4 The Rashed Company is a large retailer of equipment for pickup trucks. An income statement for the company's bed liner department for the most recent quarter is presented below: The Rashed Company Income StatementLiner Department For First Quarter of Current Year $1,400,000 500,000 900,000 Sales Less cost of goods sold (all variable) Gross margin Less operating expenses: Selling expenses Administrative expenses Net income $390,000 290,000 680,000 $220,000 The liners sells for $700 each. The department's variable selling expenses are $70 per liner sold. The administrative expenses are 25% variable and 75% fixed. Required: Prepare an income statement for the quarter, using the variable costing format. (Show all your calculations)