\begin{tabular}{|c|c|c|} \hline CM Format & Traditional GAAP Format & Costs \\ \hline 2 & 7 & Fabric cost per quilt, $150 \\ \hline 4v & 9v & Website cost per year, $50 \\ \hline 4v & 7 & Depreciation on sewing machine, $200/yr. \\ \hline \end{tabular} 2v 7 2 9 Machine-quilting fee per quilt, $50 Promotional gift per item sold, $20 Using the cost amounts provided along with the categories to which you have assigned them, prepare an income statement under each format so that Thomas's aunt can see the differences in how they present operating income. Thomas is helping his aunt determine costs associated with her quilt-making business, which she just started this year. She created one popular quilt design and made and sold 12 of the quilts this year for $500 each. Her costs come from a variety of sources, as shown below. Thomas wants to help her understand the costs so that she can better manage profitability. For each cost description below, identify by letter in which category it would be included in a contribution margin income statement (15) and in a traditional GAAP income statement (610). The first one is done for you. Question 5 of 11 Contribution margin 0.35/1