Please use the following information for the next two questions (#14 and #15): Upper management is concerned that a traditional format income statement is not appropriately reflecting the profitability of one of the companys major products. The relevant information related to the products sales and costs for the year are as follows: A total of 22,500 units were sold during the year. The product was sold to external customers at a price of $49 per unit. Cost of Goods Sold was composed of a variable product cost of $17 per unit and fixed costs of $253,000. Further, total selling & administrative costs amounted to $290,000, which included $140,000 of fixed selling & administrative costs.

What was the total contribution margin as prepared under the contribution margin format income statement?

15) What was the total gross margin as prepared under the traditional format income statement?