Problem: Module 5 Textbook Problem 4 Learning Objective: 5.5 Prepare an income statement using the contribution margin approach AJ 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 Required Prepare an income statement using the format required by generally accepted accounting Principles (GAAP). AJ MANUFACTURING COMPANY Income Statement Revenue Cost of goods sold Net income Learning Objective: 5-5 Prepare an income statement using the contribution margin approach AJ 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 com 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 Required B Prepare an income statement using the contribution margin approach. AJ MANUFACTURING COMPANY Income Statement Revenue Variable cost Net income