PLEASE ANSWER ALL 7 REQUIREMENTS

process. Violins were sold for $112.50 each. Total costs from the month are as follows: (Click on the icon to view the data.) The company prepares traditional (absorotion costing) income statements for its bankers. Lucy would also like to prepare contribution margin income statements for management use. Read the requirements. Compute the following amounts that would be shown on these income statements: Requirement 1. Gross Profit ldentify the formula, then compute the gross profit. Gross profit Requirements Data table Compute the following amounts that would be show on these income statements: 1. Gross Profit 2. Contribution Margir 3. Total expenses shown below the gross profit line 4. Tatal expenses shown below the contribution margin line 5. Dollar value of ending inventory under absorption costing 6. Dollar value of ending inventory under variable costing 7. Which income statement will have a higher operating income? By how much? Explain