Contribution margin statement (LO1). Jindal Manufacturing Company provides you with the following income statement. You learn that Jindal incurred manufacturing overhead costs of $248,750 for the year...

Contribution margin statement (LO1). Jindal Manufacturing Company provides you with the following income statement.

You learn that Jindal incurred manufacturing overhead costs of $248,750 for the year and that all of this cost is fixed. Moreover, the only variable selling costs are sales commissions at 5% of revenue. Finally, all administration costs are fixed.

Required:

Prepare an income statement in the contribution margin format. For simplicity, assume that the Jindal began and ended the year with zero inventories of any kind.