AJ Manufacturing Company incurred $51,000 of fixed product cost and $40,800 of variable product cost during its first year of operation. Also during its first year, AJ incurred $16,300 of fixed and $13,200 of variable selling and administrative costs. The company sold all of the units it produced for $164,000. Required a. Prepare an income statement using the format required by generally accepted accounting Principles (GAAP). AJ MANUFACTURING COMPANY Income Statement b. Prepare an income statement using the contribution margin approach. AJ MANUFACTURING COMPANY Income Statement