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Question One (20 marks) The following is the financial information provided by The Apple Cakes Company. They make fruit cakes and sell them directly to customers. 1. Price per fruit cakes sold was $750 2. Sales $150,000 3. Total Amount of Ingredients Bought was $100,000 4. Labour costs was $ 30,000 5. Cost of the cakes made and still in storage $ 40,000 6. Variable selling expenses was $50 per cake sold 7. Sales department monthly expenses $ 20,000 8. Administrative monthly expenses $ 20,000 9. Variable administrative expenses was $10 per cake sold You are asked by the company's management to prepare two financial statements. A. The traditional Income Statement B. Income Statement in Contribution Format On both the statements, you should present your workings on how you derived the numbers