3 Home Work value: 45.00 points the Shop is a large retailer of surfboards. The company assembled the information shown below for quarter ended May 31 Amount Total sales revenue 1,444,000 Selling price per surfboard surfboard Variable selling expense per Variable administrative expense per surfboard 20 Total fixed selling expense 370,000 Total fixed administrative expense 340,000 Merchandise inventory, beginning balance 98,000 Merchandise inventory, ending balance 118,000 Merchandise purchases 362,000 Required: 1. Prepare a traditional income statement for the quarter ended May 31. HAAKI SHOP, INC Traditional Income Statement Quarter Ended May 31 Selling and administrative expenses: 2. Prepare a contribution format income statement for the quarter ended May 31. HAAKI SHOP, INC. Contribution Format Income Statement Quarter Ended May 31