Exercise 2-54 (Algo) Gross Margin and Contribution Margin Income Statements (LO 2-7) The following data are from the accounting records of Niles Castings for year 2. 82,000 Units produced and sold Total revenues and costs Sales revenue Direct materials costs Direct labor costs Variable manufacturing overhead Fixed manufacturing overhead Variable marketing and administrative costs Fixed marketing and administrative costs $280,000 68,000 35,000 18,000 47,000 13,500 35,000 Required: a. Prepare a gross margin income statement. b. Prepare a contribution margin income statement. Required A Required B Prepare a gross margin income statement. Gross Margin Income Statement Required A Required B Prepare a contribution margin income statement. Contribution Margin Income Statement