Problem: Module $5$ Textbook Problem $4$

Learning Objective: $5-5$ Prepare an income statement using the contribution margin approach

A$.$ 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, AJ 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 $A$

Prepare an income statement using the format required by generally accepted accounting Principles $($GAAP$).$

$\backslash$table$[[$AN MANUFACTURING COMPANY$],[$Income Statement,$],[,],[,],[,],[,],[,]]$