AJ Manufacturing Company incurred $52,500 of fixed product cost and $42,000 of variable product cost during its first year of operation. Also during its first year. AJ incurred $16.750 of fixed and $13,500 of variable selling and administrative costs. The company sold all of the units it produced for $170,000. 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. Required A Required B Prepare an income statement using the contribution margin approach. AJ MANUFACTURING COMPANY Income Statement Required A Required Net income Net loss