XYZ company produces and sells business books. The results of the company's operations for the year ended December 31, 20x1, are given below

Sales revenue $400,000

Cost of goods sold (manufacturing costs):

Fixed $100,000

Variable $200,000

Sellling costs:

Fixed $10,000

Variable $20,000

Administrative costs:

Fixed $24,000

Variable $6,000

What is net income amount under the contribution income statement approach?

A. $23,000

B. $50,000

C. $40,000

D. $30,000

E. None of the Above