39. Assume firm B only produces a single product. Cost, sales, and production information for the company and its single product is as follows:

Selling price per unit is $98

The direct material per unit is $25

The direct labor per unit is $12

Variable manufacturing overhead cost is $8

Variable operating expenses per unit sold $5

Fixed manufacturing overhead cost in total is $185,000

Fixed operating expenses in total for the year $75,000

Units manufactured is 18,000

Units sold is 15,000

1) Prepare a traditional income statement.

2) Prepare a contribution margin income statement.