The Central Valley Company is a merchandising firm that sells a single product. The company's revenues and expenses for a given month are as follows: Central Valley Company Income Statement For the Month Ended June 30, 2020 Sales $735,000 Cost of goods sold 294,000 Gross Margin 441,000 Operating expenses: Administrative expenses 63,500 Selling expenses 161,000 224,500 $216,500 Total operating expenses Operating income The product sells for $35 each, and it is purchased at an average cost of $14 each. Variable selling expenses are $5 per unit, with remainder being fixed; the administrative expenses are 35% variable and the remainder fixed. Required: Complete the contribution format income statement, in good form, for the month ended June 30, 2020. (8 marks)