Baxter Corporation, a merchandising company, reported the following results for July:

	Number of units sold (normal operating level)	4,900
	Selling price per unit	$610
	Unit cost of goods sold (90% variable, 10% fixed)	$430
	Variable selling expense per unit	$38
	Total fixed selling expense	$134,600
	Variable administrative expense per unit	$32
	Total fixed administrative expense	$196,500

Required:

a. Prepare a traditional format income statement for July.

b. Prepare a contribution format income statement for July.