Prepare a variable costing contribution margin format income statement based on the following information:

Tessas Tables sells coffee tables

The sales price per table is $300

The variable product cost per table is $120. The variable selling and administrative costs per

Table is $50.

During June Tessa sold 1,000 tables

The fixed product costs for the month of June were $50,000. The fixed selling and administrative costs per month were $20,000.