1) Neeley Incorporated had the following fixed costs:

Fixed manufacturing costs	$98,000
Fixed marketing costs	$40,000
Fixed administrative costs	$18,000

The company also had the following variable costs:

Variable manufacturing costs $ 124,000

Variable marketing costs $ 30,000

Variable administrative costs $ 28,000

The company produced and sold 55,000 units of the product during the year at a selling price of $9.00 per unit. The company had no inventory at the beginning of the year.

Required: Prepare a contribution margin income statement for the year.