The following data are from the accounting records of Niles Castings for year 2. 89,000 Units produced and sold Total revenues and costs Sales revenue Direct materials costs Direct labor costs Variable manufacturing overhead Fixed manufacturing overhead Variable marketing and administrative costs Pixed marketing and administrative costs $270,000 65,000 34,000 11,000 44,000 13,500 38,000 Required: a. Prepare a gross margin income statement. b. Prepare a contribution margin income statement. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required A Required B $ Prepare a gross margin income statement. Gross Margin Income Statement Sales revenue Variable manufacturing costs Fixed manufacturing overhead costs Gross margin Fixed marketing and administrative costs Variable marketing and administrative costs Operating profit 0 $ 270,000 11,000 (44,000) 215,000 (38,000) (13,500) 163,500 X $ Reque Required B > The following data are from the accounting records of Niles Castings for year 2. 89,000 Units produced and sold Total revenues and costs Sales revenue Direct materials costs Direct labor costs Variable manufacturing overhead Fixed manufacturing overhead Variable marketing and administrative costs Fixed marketing and administrative costs $270,000 65,000 34,000 11,000 44.000 13,500 38,000 Required: a. Prepare a gross margin income statement. b. Prepare a contribution margin income statement Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required A Required B Prepare a contribution margin income statement. Contribution Margin Income Statement Sales revenue $ Variable manufacturing costs Variable marketing and administrative costs Contribution margin $ Fixed marketing and administrative costs Fixed manufacturing costs Operating profit $ 270.000 11,000 (13,500) 245,500 (38,000) (44.000) 163,500 X