BALSAM Company manufactures and sells guitars for beginning students. Their income statement for April was as follows: Sales Revenue $600,000 Less: Cost of Goods Sold 400,000 Gross Margin (Profit) 200,000 Less: Operating Expenses: Selling expenses 60,000 Administrative expenses 90,000 150,000 Net Operating Income $50,000 The product sells for $300 each. Variable selling expenses are $20 per unit sold with the remaining selling expenses being fixed. The administrative expenses are 40% fixed. The company's manufacturing costs are 25% fixed, with total variable manufacturing costs of $150 per unit. Required: Prepare an income statement using the contribution margin approach in suitable and detailed form and then show your all calculations that are being made.