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Homework - Chapter 11 6 Saved Help Save & Exit Submit AJ Manufacturing Company incurred $54,500 of fixed product cost and $43,600 of variable product cost during its first year of operation. Also during its first year, AJ incurred $17,350 of fixed and $13,900 of variable selling and administrative costs. The company sold all of the units it produced for $178,000. Required 2777 points a. Prepare an income statement using the format required by generally accepted accounting Principles (GAAP). AJ MANUFACTURING COMPANY eBook References t of goods sold loss ng and administrative 4 2777 points b. Prepare an income statement using the contribution margin approach eBook References AJ MANUFACTURING COMPANY Income Statement Revenue cost Contribution margin Net income