7. William's Steel had fixed expenses of $1.548,000 plus variable expenses of $38.82 per unit sold. The company produced and sold 55.000 units during the year 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: report only two categories of expenses. variable and fixed William's Steel Contribution Margin Income Statement Sales Less Variable Expenses Contribution Margin Less Fixed Expenses Operating Income