AJ Manufacturing Company incurred $$51,500$ of fixed product cost and $$41,200$ of variable product cost during its first year of operation. Also during its first year, AJ incurred $$16,450$ of fixed and $$13,300$ of variable selling and administrative costs. The company sold all of the units it produced for $$166,000.$

Required

Prepare an income statement using the format required by generally accepted accounting Principles $($GAAP$).$

Prepare an income statement using the contribution margin approach.