Last month, Rancer Company sold its product for $70 per unit. Fixed production costs were $30,000, and variable production costs amounted to $15.co per unit. Fixed seling and administrative costs tota ed $:9,000, and variable selling and administrative costs amount to 55.00 per unit Raneer produced and sold 5,400 units last month. Required: A Prepare a traditional income statement (down to Operating income for Haneer Industries. 8. Prepare a contribution margincome statement (down to Operating income for Kancer Industries. C. We do companies use the contribution margin income statement format? Your answers to this open-ended assignment should be placed in the space below this line. A Traditional Income Statement Sales Cost of goods soldt Gross margin Seling and administrative costs Operating profit B Contribution Margin Income Statement Sales Variable costs Cost of goods sold Seling and admin costs Total variable costs Contribution margin Fixed Costs Cos: of goods sold Seling and admin costs Totalfixed costs Operating profit Double click here to add your response