Global Music produces student-grade violins for beginning violin students. The company produced 2,600 violins in its first month of operations. At month-end, 600 finished violins remained unsold. T inventory in work in process. Violins were sold for $110.00 each. Total costs from the month are as follows: (Click on the icon to view the data.) The company prepares traditional (absorption costing) income statements for its bankers. Global would also lke to prepare contribution margin income statements for management use. Read the requirements Compute the following amounts that would be shown on these income statements Requirements Requirement 1. Gross Profit Identify the formula, then compute the gross profit Compute the following amounts that would be shown on these income statements Sales Cost of goods sold Gross profit 1. Gross Proft 2. Contribution Margin 3. Total expenses shown below the gross profit ine 4. Total expenses shown below the contribution margin line 5. Dollar value of ending inventory under absorption costing 6. Dollar value of ending inventory under variable costing 7. Which income statement will have a higher operating income? By how much? Explain. Data Table Direct materials used. S 125,600 Direct labor 60,000 Done Print S 25,000 Variable manufacturing overhead 59,800 Fixed manufacturing overhead. 7,000 Variable selling and administrative expenses Clear All 12,100 Fixed selling and administrative expenses