Tami Tyler opened Tami's Creations, Inc., a small manufacturing company, at the beginning of the year. Getting the company through its first quarter of operations placed a considerable strain on Ms. Tyler's personal finances. The following income statement for the first quarter was prepared by a friend who has just completed a course in managerial accounting at State University. Tami s Creations, Inc. Income Statement For the Quarter Ended March 31 Sales (28,900 units) Variable expenses: Variable cost of goods sold $1,156,000 $468,180 Variable selling and administrative 196,520 664,700 Contribution margin 491,300 Fixed expenses: Fixed manufacturing overhead 255,200 Fixed selling and administrative 248,100 503,300 Net operating loss $ (12,000)