List and discuss the business benefits to the contribution margin income statement format. What questions does it help answer for leaders? Please explain on your own.

The table below came from our text. List and discuss the business benefits to the Contribution Margin Income Statement format. What questions does it help answer for leaders? Traditional and Contribution Margin-Based Income Statements Traditional Income Statement Contribution Margin Income Statement Knotty Pine Furniture Co. Knotty Pine Furniture Co. Sales $350,000 Sales $350,000 Less Cost of Goods Sold -$235,000 -$235,000 Less Variable Cost of $235,000 -$235,000 (COGS) Goods Sold (COGS) Gross Margin $215,000 Less Variable Selling $5,000 Expense Less Selling Expense -$35,000 Less Variable $2,000 Less Administrative -$12,000 $47,000 Administrative Expense Expense Contribution Margin $208,000 Net Operating Income $68,000 Less Fixed Cost of Goods -$100,000 Sold (COGS) Less Fixed Selling $30,000 Expense Less Fixed Administrative -$10,000 Expense Net Operating Income $68,000