Oak Hammock Company developed the following information for its bucket sales: Sales price Variable cost of goods sold Fixed cost of goods sold Variable selling expense Variable administrative expense Fixed selling expense Fixed administrative expense $6.50 per unit $1.50 per unit $26,000 10% of sales price $0.25 per unit $4,000 $3,000 For the year ended December 31, 2016, Oak Hammock Company produced and sold 15,000 buckets. Required: a. Prepare a CVP income statement using the contribution margin format for Oak Hammock Company for 2016. b. Briefly explain how this statement differs from the traditional GAAP income statement