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\begin{tabular}{|l|l|l|l|} \hline 24 & Prepare a contribution margin income statement for the year \\ \hline 25 & & \multicolumn{1}{|c|}{ A } \\ \hline 26 & Sales \\ \hline 27 & Variable expenses: \\ \hline 28 & Variable cost of goods sold \\ \hline 29 & Variable selling and administrative expenses \\ \hline 30 & Contribution margin \\ \hline 31 & Fixed expenses: \\ \hline 32 & Fixed manufacturing overhead \\ \hline 33 & Fixed selling and administrative expenses \\ \hline 34 & Net operating income \\ \hline 35 & \\ \hline 36 & Compute the number of fireplaces required to breakeven \\ \hline 37 & \\ \hline 38 & 2 . Assume the company uses absorption costing: \\ \hline 39 & \\ \hline 40 & Compute the unit product cost for one fireplace \\ \hline 41 & \\ \hline 42 & Prepare an income statement for the year \\ \hline 43 & \\ \hline 44 & Sales \\ \hline 45 & Cost of goods sold \\ \hline 46 & Gross margin \\ \hline 47 & Selling and administrative expenses \\ \hline 48 & Net operating income \\ \hline \end{tabular}