AJ Manufacturing Company incurred $$54,500$ of fixed product cost and $$43,600$ of variable product cost during its first year of operation. Also during its first year, AJ incurred $$17,350$ of fixed and $$13,900$ of variable selling and administrative costs. The company sold all of the units it produced for $$178,000.$

Required

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

b$.$ Prepare an income statement using the contribution margin approach.

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Required A

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