The following data was provided by Zoomies Corp. for the year.

Units produced and sold	5,500	units
Sales price	$300	per unit
Direct materials	$90	per unit
Direct labor	$50	per unit
Variable manufacturing overhead	$40	per unit
Fixed manufacturing overhead	$110,000	per year
Fixed selling and administrative costs	$150,000	per year

There are no beginning inventories. Prepare an income statement using the contribution margin format. Show your calculations under your income statement.