Exercise $11-13$A $($Static$)$ Prepare an income statement using the contribution margin approach LO $11-3$

AJ Manufacturing Company incurred $$50,000$ of fixed product cost and $$40,000$ of variable product cost during its first year of

operation. Also during its first year, AJ incurred $$16,000$ of fixed and $$13,000$ of variable selling and administrative costs. The company

sold all of the units it produced for $$160,000.$

Required

a$.$ Prepare an income statement using the format required by generally accepted accounting Principles $($GAAP$).$

b$.$ Prepare an income statement using the contribution margin approach.

Complete this question by entering your answers in the tabs below.

Required A

Required B

Prepare an income statement using the format required by generally accepted accounting Principles $($GAAP$).$

AJ MANUFACTURING COMPANY

Income Statement