The following information relates to Clinton Industrial for fiscal $2020,$ the company's first year of operation:

$($a$)$

Your answer is correct.

Prepare an income statement using full costing. $($Enter loss using either a negative sign preceding the number e$.$g$.-45$ or

parentheses e$.$g$.(45).$J

$

$17,738,000$

Cost of goods sold

$8,688,000$

Gross margin

Fixed administrative expenses hat$()$

Attempts: $3$ of $4$ used

$($b$)$

Prepare an income statement using variable costing. $($Enter loss using either a negative sign preceding the number e$.$g$.-45$ or

parentheses e$.$g$.(45).)$