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 selling and administrative costs and $13,900 of variable selling and administrative costs. The company sold all of the units it produced for $178,000. 1.Prepare an income statement using the format required by generally accepted accounting Principles (GAAP). 2.Prepare an income statement using the contribution margin approach.