AJ Manufacturing Company incurred $56,000 of fixed product cost and $44,800 of variable product cost...
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Accounting
AJ Manufacturing Company incurred $56,000 of fixed product cost and $44,800 of variable product cost during its first year of operation. Also during its first year, AJ incurred $17,800 of fixed selling and administrative costs and $14,200 of variable selling and administrative costs. The company sold all of the units it produced for $184,000. Required a. Prepare an income statement using the format required by generally accepted accounting Principles (GAAP). b. Prepare an income statement using the contribution margin approach.
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