Drop down options on the Income Stmt:

Please be as detailed as possible in all steps. Thank you in advance.

Barr Plastics makes parts for a variety of manufacturing applications. Sales last year totaled $3,120,000. Information regarding resources for the month follows. In addition, Barr spent $96,000 on 60 engineering changes with a cost-driver rate of $1,460, and $132,000 on 10 outside contracts with a cost driver rate of $13,200. Required: The CFO at Barr has requested the following: a. A traditional income statement. b. An activity-based income statement. \begin{tabular}{|l|l|l|} \hline \multicolumn{2}{|c|}{ Traditional Income Statement } \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline \end{tabular} Engineering changes Long-term labor Marketing Materials Outside contracts Quality inspections Sales revenue Setups Short-term labor An activity-based income statement