The following data are from the accounting records of Niles Castings for year 2. 87,000 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 $340,000 63,000 38,000 18,000 41,000 16,000 35,000 Required: a. Prepare a gross margin income statement. b. Prepare a contribution margin income statement. Required A Required B Prepare a gross margin income statement. Gross Margin Income Statement Sales revenue EA 340,000 41,000 Variable manufacturing costs Fixed manufacturing overhead costs Gross margin Variable marketing and administrative costs Fixed marketing and administrative costs Operating profit 16,000 35,000