Contribution Approach Income Statement. Amabala, Inc. provides the following information regarding operations for the year ended December 31, 20x4: Sales Finished goods inventory- $1,500,000 January 1, 20x4 100.000 Finished goods inventory- December 31, 20x4 60,000 Variable cost of goods manufactured 700.000 200.000 150.000 150.000 Selling expenses Administrative expenses Fixed factory overhead Finished goods inventory includes only variable costs. Selling and administrative expenses included $40,000 and $120,000 of fixed costs, respectively. Prepare an income statement for the year ended December 31, 20x4, using the contribution margin approach.