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. Answer is not complete. Complete this question by entering your answers in the tabs below. Required A Required B Prepare an income statement using the format required by generally accepted accounting Principles (GAAP). AJ MANUFACTURING COMPANY Income Statement $ 162,000 40.400 X Revenue Cost of goods sold Gross margin Selling and administrative Net income > > 121,600 X 13,100 % S41.850 Hequired Required B > Answer is not complete. 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 $ 162.000 Revenue Variable cost Contribution margin Fixed cost Net income $ 41.850