Shown here is an income statement in the traditional format for a firm with a sales volume of 7,600 units. Cost formulas also are shown Revenues Cost of goods sold ($5,800 Gross proft $ 34,900 $2/unit) 21,000 $13,900 1,930 Selling ($1,170+$0.1/unit) Administration ($3,850+$0.2/unit) 5,370 Operating income 6,600 Required: Prepare an income statement in the contribution margin format. S 34,900 Variable expenses Cost of goods sold Administrative expenses 15,200 1,520 16,720 Total variable expenses Contribution margin Fixed expenses Cost of goods sold Selling expenses Administrative expenses 18,180 5,800 1.170 3,850 10,820 Total fixed expenses Operating income $ 7,360