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AJ Manufacturing Company incurred $58,000 of fixed product cost and $46,400 of variable product cost during its first year of operation. Also during its first year, AJ incurred $18,400 of fixed and $14,600 of variable selling and administrative costs. The company sold all of the units it produced for $192,000. 4 Required 27.77 points a. Prepare an income statement using the format required by generally accepted accounting Principles (GAAP) AJ MANUFACTURING COMPANY eBook Income Statement References 4 27.77 points b. Prepare an income statement using the contribution margin approach. eBook References AJ MANUFACTURING COMPANY Income Statement