Colbert Company has the following information about its only product:

Direct materials used $9,000

Direct labor 17,000

Variable factory overhead 13,000

Fixed factory overhead 8,000

Variable selling and administrative expenses 22,000

Fixed selling and administrative expenses 11,000

Units produced and sold 10,000

Selling price per unit $20

Required: (20 points)

A) Prepare an income statement using the contribution approach.

B) Prepare an income statement using the absorption approach.