During the past year,PettayEnterprises had the following fixed costs:

Fixed manufacturing costs

$112,000

Fixed marketing costs

$43,000

Fixed administrative costs

$18,000

The company also had the following variable costs:

Variable manufacturing costs

$142,000

Variable marketing costs

$37,000

Variable administrative costs

$28,000

During the year, the company produced and sold 60,000 units of the product at a selling price of $7.00 per unit. The company had no inventory at the beginning of the year.Required: Prepare a contribution margin income statement for the year.