View Policies Show Attempt History Current Attempt in Progress The condensed income statement for the Peri and Paul partnership for 2022 is as follows. Peri and Paul Company Income Statement For the Year Ended December 31, 2020 Sales (240,000 units) Cost of goods sold Gross profit Operating expenses Selling Administrative Net loss $300,000 152,500 $1,200,000 800,000 400,000 452,500 $(52,500) A cost behavior analysis indicates that 75% of the cost of goods sold are variable and 40% of the selling expenses are variable. Administrative expenses are $92,500 fixed.