Exercise $11-13$A $($Algo$)$ Prepare an income statement using the contribution margin approach LO $11-3$

AJ Manufacturing Company incurred $$56,000$ of fixed product cost and $$44,800$ of variable product cost during its first year of operation. Also during its first year, AJ incurred $$17,800$ of fixed and $$14,200$ of variable selling and administrative costs. The company sold all of the units it produced for $$184,000.$

Required

a$.$ Prepare an income statement using the format required by generally accepted accounting Principles $($GAAP$).$

b$.$ Prepare an income statement using the contribution margin approach.

Complete this question by entering your answers in the tabs below.

Required A

Required B

Prepare an income statement using the format required by generally accepted accounting Principles $($GAAP$).$

AJ MANUFACTURING COMPANY

$\backslash$table$[[$Income Statement$],[$Revenue$,],[$Cost of goods sold,$],[$Gross margin,$],[$Selling and administrative,$],[$Net income,$]]$