XY Company is a merchandiser that specializes in selling a popular camping chair. In 2022 XY sold 500 units for $60 per unit. XY purchased each unit for $30. Variable selling costs per unit were $5. Fixed selling costs were $3000. Variable administration costs per unit were $2. Fixed administration costs were $2000.

Required: Prepare two income statements for XY for the year 2022. One must be based on the contribution method, the other one on the traditional method.