2. Magnetic Company, which has only one product, has provided the following data concerning its most recent month of operations:

Sellingprice....................................150$

Unitsinbeginninginventory................-

Unitsproduced...................................3,100

Unitssold..............................................2,700

Unitsinendinginventory...................400

Variablecostsperunit:

DirectMaterials..............................46$

DirectLabor...................................50$

Variablemanufacturingoverhead...7$

Variablesellingandadministrative...11$

Fixedcosts:

Fixedmanufacutringoverhead......86,800$

Fixedsellingandadministrative......8,100

c. Prepare a contribution format income statement for the month using variable costing. PLEASE SHOW WORK! :D