Stewart Company Has No Beginning and Ending Inventories,and Reports the Following

Essay

Stewart Company has no beginning and ending inventories,and reports the following information about its only product:
$\begin{array}{ll}\text { Direct materials used } & \$ 29,000 \\\text { Direct labor } & \$ 17,000 \\\text { Variable indirect production } & \$ 13,000 \\\text { Fixed indirect production } & \$ 18,000 \\\text { Variable selling and administrative expenses } & \$ 22,000\\\text { Fixed selling and administrative expenses }&\$11,000\end{array}$
$\begin{array} { l } \text {Units produced and sold }& 10,000\\ \text {Selling price per unit }&\$25 \\\end{array}$

Required:
A) Prepare an income statement using the contribution approach.
B) Prepare an income statement using the absorption approach.