The condensed budgeted income statement for the Betty and Mark partnership for 2022 is as follows: BETTY AND MARK LLP Income Statement Year Ending December 31, 2022 Sales (254,400 units) Cost of goods sold Gross profit Operating expenses $1,272,000 848,000 424,000 Selling $296,800 Administrative 159,000 455,800 Operating loss $(31,800) A cost behaviour analysis indicates that 75% of the cost of goods sold is variable, 42% of the selling expenses are variable, and 40% of the administrative expenses are variable. (Use the CVP income statement format in calculating operating income)