Review the traditional format income statement for International Imports Inc. that follows, and classify the indicated costs as being fixed, semivariable, or variable in nature. Fixed Cost Semivariable Cost Variable Cost $7,464,285 2,239,286 1,716,786 00 00 00 00 00 International Imports Inc. Income Statement for the Year Ending December 31 Net sales Cost of goods sold Direct materials Direct labor Overhead expenses: Rent expense Electric utility expense Total cost of goods sold Gross profit Operating expenses: Shipping and delivery expenses Depreciation on buildings and property Total operating expenses Earnings before interest and taxes (EBIT) Interest expense Earnings before taxes (EBT) Taxes (35%) Net income Preferred stock dividends Earnings available to common shareholders 223,929 298,571 4,478,572 2,985,713 149,286 447,857 597,143 2,388,570 298,571 2,089,999 731,500 $1,358,499 231,393 $1,127,106 OOO 0 00 00 o 00 00 $7,464,285 International Imports Inc. Income Statement for the Year Ending December 31 Net sales Less: Variable operating costs Fixed operating costs Total operating costs Earnings before interest and taxes (EBIT) Less: Fixed capital costs Earnings before taxes (EBT) Less: Income taxes (Variable, 35%) Earnings after taxes (EAT) Less: Fixed capital costs Earnings available to common shareholders 2,388,570 2,089,999 $1,358,499 Earnings per share (EPS) - 400,000 shares