Stewart Company has no beginning and ending inventories, and reports the following information about its only product:

Direct materials used $29,000

Direct labor $17,000

Variable indirect production $13,000

Fixed indirect production $18,000

Variable selling and administrative expenses $22,000

Fixed selling and administrative expenses $11,000

Units produced and sold 10,000

Selling price per unit $25

A) Prepare an income statement using the contribution approach.

B) Prepare an income statement using the absorption approach.