Full Capacity Corporation has been producing and selling 200,000 units of a product per year. The following budget was prepared for the next year: Selling price per unit $25.00 Variable cost per unit: Direct materials $10.00 Direct labor 8.00 Variable Overhead 1.50 Variable Selling and administrative costs 0.50 Total Fixed costs: Overhead $160,000 Selling and administrative $70,000 Required: Prepare an income statement using the contribution margin approach. [16 POINTS]