Exercise $2-58($Algo$)$ Gross Margin and Contribution Margin Income Statements $($LO $2-7)$

The controller at Wesson Company's manufacturing plant has provided you with the following information for the first quarter's

operations:

Direct materials

Fixed manufacturing overhead costs

Sales price

Variable manufacturing overhead

Direct labor

Fixed marketing and administrative costs

Units produced and sold during the quarter

$$98$ per unit

$$2,360,000$

$$345$

$ $39$ per unit

$$56\}\backslash$mathrm$\{$ per unit

Variable marketing and administrative costs

Required:

a$.$ Prepare a gross margin income statement.

b$.$ Prepare a contribution margin income statement.

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

Required $A$

Required B

Prepare a gross margin income statement.