Problem: Module 5 Textbook Problem 4 Learning Objective: 5-5 Prepare an income statement using the contribution margin approach AJ Manufacturing Company incurred $50,500 of fixed product cost and $40,400 of variable product cost during its first year of operation. Also during its first year, AJ incurred $16,150 of fixed and $13,100 of variable selling and administrative costs. The company sold all of the units it produced for $162,000 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. Required A Required B Prepare an income statement using the format required by generally accepted accounting Principles (GAAP). AJ MANUFACTURING COMPANY Income Statement Required Required B > Required A Required B Prepare an income statement using the contribution margin approach. AJ MANUFACTURING COMPANY Income Statement