2) William's Steel had the following fixed costs:

Fixed manufacturing costs	$1,108,000
Fixed marketing costs	$140,000
Fixed administrative costs	$300,000

The company also had the following variable costs:

Variable manufacturing costs $ 1,980,000

Variable marketing costs $ 60,000

Variable administrative costs $ 95,000

During the year, the company produced and sold 55,000 units of the product at a selling price of $100.00 per unit. The company had no inventory at the beginning of the year.

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