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G E1 4 x x 3 D 1 Cost Behavior 2 Prepare a contribution margin Income statement 3 Five Macaws is a specialty pet gift shop selling exotic pet-related items online. The shop has no physical 4 location. Results for last year are shown next: 5 6 7 Five Macaws Traditional Income Statement(Absorption Costing For the Year Ended December 31 9 10 $ 11 12 990,000 673,000 317,000 $ Sales revenue Less: Cost of goods sold Gross profit Less operating expenses: Selling and marketing expenses Website maintenance expenses Other operating expenses Operating income 14 15 $ 65,500 58,000 17,500 16 17 18 141,100 175,900 5 For internal planning and decision-making purposes, the owner of Five Macaws would like to translate the company's income statement into the contribution margin format. Since Five Macaws is online only, all of its cost of goods sold is variable. A large portion of the selling and marketing expenses consists of freight out charges (519,4001, which were also variable. Only 20% of the remaining selling and marketing expenses and 25% of the website expenses were variable. Of the other operating expenses, so were fixed. 21 Use the blue shaded areas on the ENTERANSWERS tab for inputs. Always use cell references and formulas where appropriate to receivel credit. If you copy/paste from the 22 Instruction tab you will be marked wrong Requirements 25 Prepare five Macaws' contribution margin income statement for last year Enter all amounts as positive values. Do not use a minus signor parentheses for any values to be subtracted Follow the format shown in Exhibit 6-22 19 Saving submitting Solution 1. Savetotoo Create folder on desktop and tabel COMPLETED EXCEL PROJECTS INSTRUCTION MESSA esc go ORDF D7 1 x v fx B D (Always use cell references and formulas where appropriate to receive full credit. If you 1 copy/paste from the Instruction tab you will be marked wrong.) 2 3 Five Macaws 4 Contribution Margin Income Statement 5 For the Year Ended December 31 6 Sales revenue $ 990,000 7 Less: Variable expenses Variable cost of goods sold 9 Variable selling and marketing expenses 10 Variable web site maintenance expenses 11 Other variable operating expenses 12 Contribution margin 13 Less: Fixed expenses 14 Fixed selling and marketing expenses 15 Fixed web site maintenances expenses 16 Other fred operating expenses 17 Operating income 18 19 21 23 24 23 esc Bo