Winter Leisure is a retailer of snowboards. The information below is for the quarter ended December 31: 5 Total sales revenue Selling price per snowboard Variable selling expense per snowboard Variable administrative expense per snowboard Total fixed selling expense Total fixed administrative expense Merchandise inventory, beginning balance Merchandise inventory, ending balance Merchandise purchases Amount $1,024,000 $ 250 $ 40 $ 10 $ 220,000 $ 190,000 $ 92,000 $ 112,000 $ 356,000 Required: 1. Prepare a traditional income statement for the quarter ended December 31. Answer is complete but not entirely correct. Winter Leisure Traditional Income Statement Quarter ended December 31 Sales $ 1,024,000 336,000 688,000 Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses Administrative expenses Operating income $ 204,800 410,000 614,800 73,200 2. Prepare a contribution format income statement for the quarter ended December 31. Answer is not complete. Winter Leisure Contribution Format Income Statement Quarter ended December 31 Sales Variable expenses: Cost of goods sold $ 336,000 Administrative expenses 204,800 $ 1,024,000 $ 540,800 $ 483,200 Fixed expenses Selling expenses Administrative expenses $ 220,000 190,000 $ 410,000 73,200