Problem: Module 5 Textbook Problem 4 Learning Objective: 55 Prepare an income statement using the contribution margin approach AJ Manufactunng Company incurred $57,500 of fixed product cost and $46,000 of variable product cost during its tirst year of operation. Also during its first year, AJ incurred $18,250 of fixed and $14,500 of variabie selling and administrative costs. The company sold all of the units it produced for $190,000. Required o. Prepare an income statement using the format required by generally accepted accounting Principles (GAAP] b. Prepare an income statement using the contribution margin approach, Complote this question by entering your answers in the tabs below. Prepare an income statement using the tormat required by geberally accepted accointing Principles (GAAM?. Problem: Module 5 Textbook Problem 4 Learning Objective: 5-5 Prepore an income statement using the contribution margin approach A.I Manufacturing Company incurred $57,500 of fixed product cost and $46.000 of variable product cost during ts first year of operation. Also during its first year, AJ incurred $18,250 of fixed and $14,500 of variable selling and administrative costs. The company sold all of the units it produced for $190,000. Required a. Prepare an income statement using the format required by generally accepted accounting Principies (GAAP). b. Prepare an income statement using the contribution margin approach. Complete this question by entering your answers in the tabs below: Prepare an income statement using the contribution margin approach