Sisco's Deep Sound 9 is a large retailer of acoustic, electric, and bass guitars. An income statement for the company's acoustic guitar department for a recent quarter is presented below: SISCO'S DEEP SOUND 9 Income Statement-Acoustic Guitar Department For the Quarter Ended March 31 Sales Cost of goods sold ); Gross margin Selling and administrative expenses: Selling expenses Administrative expenses Operating income $2,850,000 1,350,000 1,500,000 $500,000 300,000 500,000 $700,000 The guitars sell, on average, for $950 each. The department's variable selling expenses are $85 per guitar sold. The remaining selling expenses are fixed. The administrative expenses are 20% variable and 80% fixed. The company purchases its guitars from several suppliers at an average cost of $450 per guitar. Required: 1. Prepare an income statement for the quarter using the contribution approach. SISCO'S DEEP SOUND 9 Income Statement-Acoustic Guitar Department Vanable expenses For the Quarter Ended March 31