ACC 202 Chapter 5 Open-Ended Assignment Note: Please put your answers only in the section below the Bold Red sentence at the end of the Required section below. "Last month, Raneer Company sold its product for $70 per unit. Fixed production costs were $30,000, and variable production costs amounted to $15.00 per unit. Fixed selling and administrative costs totaled $19,000, and variable selling and administrative costs amount to $5.00 per unit. Raneer produced and sold 5,400 units last month. " Required: A. Prepare a traditional income statement (down to Operating Income) for Raneer Industries. B. Prepare a contribution margin income statement (down to Operating Income) for Raneer Industries. C. Why do companies use the contribution margin income statement format? Your answers to this open-ended assignment should be placed in the space below this line. A Traditional Income Statement Sales Cost of goods sold Gross margin Selling and administrative costs Operating profit B Contribution Margin Income Statement Sales Variable costs: Cost of goods sold Selling and admin costs Total variable costs Contribution margin Fixed Costs: Cost of goods sold Selling and admin costs Total fixed costs Operating profit C Double click here to add your response