Exercise 11-13A (Algo) Prepare an income statement using the contribution margin approach LO 11-3 AJ Manufacturing Company incurred $55,000 of fixed product cost and $44,000 of variable product cost during its first year of operation. Also during its first year. Al incurred $17.500 of fixed and $14.000 of variable selling and administrative costs. The company sold all of the units it produced for $180,000 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 Income Statement Revenue $ 180,000 Cost of goods sold 14 000 Gross margin 17.500 Selling and administrative Net Income $ 49,500 Required B >