The income statement for Big Franks Bicycle Emporium for the month just ended is as follows:

Sales

300,000

Cost of goods sold

140,000

Gross margin

160,000

Less operating expenses

Selling expenses

40,000

Depreciation

25,000

Admin expenses

65,000

Total operating expenses

130,000

Net income

30,000

Additional information:

On average Frank sells his bikes for $300 each

The sales department has variable expenses of $12 per bike sold

Depreciation expense is unaffected by changes in the sales level

Admin costs are 70% fixed and 30% variable

make an income statement for the month just ended using the contribution margin approach.