ABC Co. is a retailer that sells electric guitars. The average purchase price is $150 per unit and the average selling price is $250 per unit. The costs that the company incurs in a typical month are shown below: Costs Cost Formula Selling Costs: Advertising $950 per month Delivery of Guitars $6 per unit sold Sales salaries and commissions $4,800 per month, plus 4% of sales Utilities $650 per month Depreciation of sales facilities $5,000 per month Administrative Costs: Executive salaries $13,500 per month Depreciation of office equipment $900 per month Clerical $2,500 per month, plus $4 per unit sold Insurance $700 per month During November, the company sold and delivered 600 guitars. Required: 1. Prepare a traditional income statement