The 4 x 4 Shop is a large retailer of equipment for pickup trucks. An income statement for the company's Bed Liner Department for the most recent quarter is presented below: The 44 Shop Income Statement - Liner Deparment for First Quarter of Current Year $700,000 250,000 $450,000 Sales Less: Cost of goods sold Gross margin Less: Operating expenses: Selling expenses Administrative expenses Net Income $195, eeel 145,000 348, eee $110, eee The liners sell on average for $350 each. The department's variable selling expenses are $35 per liner sold. The remaining selling expenses are fixed. The administrative expenses are 25% variable and 75% fixed. The company purchases its liners from supplier at a cost of $125 perliner Required: Prepare an income statement for the quarter, using the contribution approach. Short Answer Toolbar navigation BIU.EE