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 s presented below The 4 x 4 Shop Income Statement-Liner Department For First Quarter of Curren Year Sales Less: Cost of goods sold Gross margin Less: Operating expenses: Selling expenses $700,000 50,000 195,000 40,000 Net income 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 a supplier at a cost of S125 per iner. Required Prepare an income statement for the quarter, using the contribution approach