The Following Data Has Been Provided by Jestina, Inc There Are No Beginning Inventories

The following data has been provided by Jestina, Inc. for the year.
$$\begin{array} { | l | r | l | } \hline \text { Units produced and sold } & 5,500 & \text { units } \\\hline \text { Sales price } & \$ 300 & \text { per unit } \\\hline \text { Direct materials } & \$ 90 & \text { per unit } \\\hline \text { Direct labor } & \$ 50 & \text { per unit } \\\hline \text { Variable manufacturing overhead } & \$ 40 & \text { per unit } \\\hline \text { Fixed manufacturing overhead } & \$ 110,000 & \text { per year } \\\hline \text { Fixed selling and administrative costs } & \$ 150,000 & \text { per year } \\\hline\end{array}$$ There are no beginning inventories. Prepare an income statement using the contribution margin format.