Based on the following information, how do you prepare a contribution margin income statement assuming the company uses variable costing?

EGCC Stude X ACC121 OF X ) ACC121 OF X ( Quiz: Chapt X Based on t X ContributionX a Virtual Loca X Welcome K X *Course Her X + X O & https://egcc.instructure.com/courses/14220/quizzes/69141/take K Sign in D Question 15 3 pts Based on the following information, prepare a contribution margin income statement assuming the company uses variable costing. Account Annual production 50,000 units Sales price $40 per unit Variable production cost per unit Dashboard Direct materials $10 Direct labor 3 $25 per unit Manufacturing overhead 12 Fixed production costs $150,000 each year; $3 per Courses unit at 50,000 units of production Variable selling and administrative cost $1 per unit Calendar Fixed selling and administrative cost $100,000 each year Inbox Sales: A. History Var. Production B. Studio Var Selling & Admin 50,000 1,300,000 ? Contribution Margin C. Help Fixed Expenses: Fixed Mfg Overhead 150,000 Fixed Selling & Admin 100,000 250,000 Net Income D. K W 2:13 PM O 2/9/2021