Sandhill Manufacturing Company has four operating divisions. During the first quarter of 2022, the company reported aggregate income from operations of $160,400 and the following divisional results: Division II III IV Sales $506,400 $409,200 $311,700 $178,000 Cost of goods sold 298,600 243,800 268,000 152,400 Selling and administrative expenses 66,600 79,100 63,400 73,000 Income (loss) from operations $141,200 $86,300 $(19,700) $(47,400) The analysis reveals the following percentages of variable costs in each division: