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Magpie Inc. has a single product that they produce. The product sells for $6.50 per package and has variable costs per unit of $4 per

Magpie Inc. has a single product that they produce. The product sells for $6.50 per package and has variable costs per unit of $4 per package. Fixed costs for the year are $10,000 and the firm sold 5000 packages during the year. Under the contribution margin approach income statement method, the company should show a contribution margin of a certain amount and a net income (or net loss) of a certain amount. Those amounts (respectively) should be:

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