The following income statements are provided Assuming sales increase by $1, 000, select the incorrect statement from the following: Both companies will experience an increase in profit. Electronics' net income will increase by $1, 000. Appliances' net income will increase by $250. Appliances' net income will be 4.1% less than Electronics' net income. Select the incorrect statement regarding the contribution margin income statement. The contribution statement is acceptable for external reporting provided a balance sheet is also provided. The contribution margin represents the amount available to cover fixed expenses and thereafter to provide profit. The contribution margin approach requires that all costs be classified as fixed or variable. Assuming no change in fixed costs, a $1 increase in contribution will result in a $ 1 increase in profit. The following information is provided: What is that company's contribution margin? $140, 000 $116, 000 $114, 000 $90, 000