My First Violin produces student grade violins for beginners. The company produced 2,700 violins in its 1st month of operations. At month end, 800 finished violins remained unsold. There was no inventory in work in process. Violins were cold for $130 ea. Total costs from the month are: Direct materials used Direct labor 131,900 55,000 Variable manufacturing overhead $27000 Fixed manufacturing 64,800 Variable celling & admin Fixed selling & admin expenses & admin expenses $12,000 12,900 The Company prepares traditional (absorption costing) income statements for its bankers but also prepares the contribution margin. statement for management use. income Q: Determine the amounts of cost of goods sold & operating income, respectively. to be reported on the traditional (absorption costing) income statement. Gross profit? Operating Income? Contribution Margin & operating income respectively to be reported on the contribution. margin income statement.