IIDOWS Icon (bottom left of e https// ml art 2 6 AJ Manufacturing Company incurred $59,000 of fixed product cost and $47,200 of variable product cost during its first year of operation. Also during its first year, AJ incurred $18,700 of fixed and $14,800 of variable selling and administrative costs The company sold all of the units it produced for $196,000 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 DeLL