Gonyo Inc., which produces and sells a single product, has provided the following contribution format income statement for December: 
Required:
Redo the company's contribution format income statement assuming that the company sells 3,400 units.
Definitions:
Product Margin
The amount by which the selling price of a product exceeds its production or acquisition cost.
Direct Materials Cost
The expense associated with raw materials and components directly used in the manufacturing of a product.
Activity-Based Costing
A costing method that assigns overhead costs to products based on the activities required to produce them.
Product Margin
The difference between the selling price of a product and the cost of goods sold (COGS), indicating the profit per unit sold.
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