(a) Your answer is partially correct. Prepare a traditional monthly income statement for the proposed sock line. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Edward Lewis Monthly Income Statement Sales revenue Variable V Gross margin Advertising Operating income / (loss) $ eTextbook and Media Save for Later Attempts: unlimited Submit Answer(a) Your answer is partially correct. Prepare a traditional monthly income statement for the proposed sock line. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Edward Lewis Monthly Income Statement Sales revenue Advertising $ Fixed Corporate support Commissions Operating income / (loss) Variable Operating expenses Cost of goods sold Gross margin Sales revenue Advertising Operating income / (loss) $ eTextbook and Media Save for Later Attempts: unlimited Submit AnswerEdward Lewis, an up-and-coming fashion designer, created a new line of men's fashion socks in response to the growing number of celebrities who are expressing their individuality by replacing traditional navy and black socks with brighter colors and bold patterns. At a sales price of $14 per pair, Edward estimates monthly sales volume will be 25,300 pairs. Variable product costs will be $9.90 per pair and fixed overhead will be $2.00 per pair. Sixty percent of the fixed overhead is directly traceable to the new sock line. To promote the socks, Lewis proposes a $1.28 per pair commission to the company's salespeople and a $11,800 per month advertising campaign. In compliance with corporate policy, the socks will also be allocated $45,800 in fixed corporate support costs.Prepare a traditional monthly income statement for the proposed sock line. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Edward Lewis Monthly Income Statement to Sales revenue 354,200 Cost of goods sold Variable 250,470 Fixed 50,600 301,070 Gross margin 53,130 Operating expenses Commissions 32,384 Advertising 11,800 Corporate support 45,800 i 89,984 Operating income / (loss) $