Contribution Approach Income Statement. Newjay Corporation manufactured and sold 80,000 units of product at $12.00 each for the year ended December 31, 20x0). Cost of goods sold on an absorption basis totaled $520,000. Variable manufacturing cost per unit was $5.00. Variable selling and administrative expenses per unit were $2.00. Fixed selling and administrative expenses were $135.000. Newjay uses JIT; thus, there were no beginning or ending inventories in work-in-process or finished goods. Prepare a contribution approach income statement for the year.