Max Corporation purchased its products from a manufacturer & sells them at a retail level. The product costs $5,230 each from the manufacturer & it is sold to customers at an average of $8,375 each. The selling & administrative costs that the company incurs in a typical month are presented below- Costs Cost Formula Selling & Administrative costs: Sales salaries $2,125 per month Office’s utilities $1050 monthly Advertising $555 per month Depreciation of selling equipment $600 per month Insurance $500 per month Sales commissions 6.5% of sales Delivery of products $46 per product sold Clerical $950 per month plus $17 per product sold Depreciation of office furniture $600 per month Salesman’s salary $5000 monthly Executive salaries $4550 per month Utilities of sales showroom $730 per month.

During the month of October 2021, the company sold & delivered 109 of its products.

Requirement:
Prepare an income statement for the company by using both traditional & contribution format.