mework Help av Exercise 11-13 Prepare an income statement using the contribution margin approach LO 11-3 AJ Manufacturing Company incurred $59.500 of fixed product cost and $47,600 of variable product cost during its first year of operation. Niso during its first year. Al incurred $18,850 of fixed and $74.900 or variable selling and administrative costs. The company sold all of the units it produced for $198.000 Required 8. Prepare an income statement using the format required by generely accepted accounting Principles (GAAP) AJMANUFACTURING COMPANY Income Statement Revenue Cost of goods sold Selling and strane 14.900 b. Prepare an income statement using the contribution margin approach AJ MANUFACTURING COMPANY Income Statement Vanable cost $ 47 600 Cost of goods sold Contribution margin Selling and administrative Net income