11 - Connect Served AJ Manufacturing Company incurred $55,000 of fixed product cost and $44,000 of variable product cost during its first year of operation Also during its first year, AJ incurred $17,500 of fixed and $14,000 of variable selling and administrative costs. The company sold all of the units it produced for $180,000. Required a. Prepare an income statement using the format required by generally accepted accounting Principles (GAAP), b. Prepare an income statement using the contribution margin approach Complete this question by entering your answers in the tabs below. Required A Required B ces Prepare an income statement using the format required by generally accepted accounting Principles (GAAP). AJ MANUFACTURING COMPANY Income Statement TRevenue $ 180,000 Cost of goods sold 99,000 Required A Required B > Required a. Prepare an income statement using the format required by ge b. Prepare an income statement using the contribution margin a Complete this question by entering your answers in the ta Required A Required s Prepare an income statement using the contribution margin appro AJ MANUFACTURING COMPANY Income Statement