Sandhill Company has four operating divisions. During the first quarter of 2022, the company reported aggregate income from operations of $216,600 and the following divisional results. Division " III IV Sales $253,000 $195,000 $501,000 $447,000 Cost of goods sold 197,000 195,000 296,000 250,000 Selling and administrative expenses 69,400 63,000 61,000 48,000 Income (loss) from operations $(13,400) $ (63,000) $144,000 $149,000 Analysis reveals the following percentages of variable costs in each division. III E IV Cost of goods sold 72 % 89% Selling and administrative expenses 40 40 57 72 79 % 76 % 52 59