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Exercise 19-8 Contribution margin format income statement LO P2 Polarix is a retailer of ATVS (all-terrain vehicles) and accessories. An income statement for its Consumer ATV Department for the current year follows. ATVS sell for $4,400 each. Variable selling expenses are $310 per ATV. The remaining selling expenses are fixed. Administrative expenses are 40% variable and 60% fixed. The company does not manufacture its own ATVS; it purchases them from a supplier for $1,810 each. POLARIX Income Statement-Consumer ATV Department For Year Ended December 31, 2017 Sales $638,000 Cost of goods sold Gross margin Operating expenses Selling expenses Administrative expenses 262,450 375,550 $155,000 40,900 195,900 $179,650 Net income Required: 1. Prepare an income statement for this current year using the contribution margin format. (Round contribution margin per ATV to the nearest dollar amount.) POLARIX Income Statement-Consumer ATV Department For Year Ended December 31, 2017 Sales 638,000 $ Less: Variable expenses Variable cost of goods sold Variable selling expenses Variable administrative expenses Total variable expenses 0 0 Net income (loss) 2. For each ATV sold during this year, what is the contribution toward covering fixed expenses and earning income? Contribution margin per ATV