Select the incorrect statcment regarciling the contribution margin income statement.

$$ Contrbution margin represents the amodit avalable to cover product costs and thereafter to prowide profit.

Assuming no change in fixed costs, a $$1$ increase in contribution margin will result in a $$1$ increase in profit.

The contribution margin approach requires that all costs be classlfied as fixed or varlable.

The contribution margin approach for the income statement is unacceptable for external reporting