Assume that you are part of the accounting team for McCartney Productions. The company has only one product that sells for $40 per unit. McCartney estimates total fixed costs to be $9,500. McCartney estimates direct materials cost of $4.80 per unit, direct labor costs of $6.00 per unit, and variable overhead costs of $1.20 per unit. The CEO would like to see what the gross margin and operating income will be if 500 units are sold in the next period. Prepare a contribution margin income statement.