You are a division manager at a company. Below is your divisions income statement and other information for the current year. Prepare an income statement using the contribution margin format.

Income Statement Revenue $ 250,000 Cost of Goods Sold 125,000 Gross Margin 125,000 Administrative Costs 45,000 Selling Costs 55,000 Other Information Fixed Mfg OH costs $22,000 Variable Mfg OH $0 Fixed Admin costs $45,000 Variable selling costs 3% of revenues Profit $ 25,000