Before completing the traditional income statement you will need to calculate the sales revenue and cost of goods sold. Begin with the sales revenue. Requirement 1. Prepare The Old Tyme Ice Cream Shoppe's June income statement using a traditional format Next we can compute the cost of goods sold for Sweet's Ice Cream Shoppe for the month of June. In this case the cost of goods sold is the total of the cost of the ice cream plus the cost of the cones. Begin by computing the cost of the ice cream in each cone Less: Gross profit Less: Operating expenses Lease expense Depreciation expense Other Operating expenses Operating income The Sweet Ice Cream Shoppe Contribution Margin Income Statement For the Month Ended June 30 The Old Tyme Ice Cream Shoppe sold 9,300 servings of ice cream during June for $2 per serving. The shop purchases the ice cream in large tubs from the Deluxe Ice Cream Company. Each tub costs the shop $14 and has enough ice cream to fill 35 ice cream cones. The shop purchases the ice cream cones for $0.05 each from a local warehouse club Located in an outdoor mall, the rent for the shop space is $1,900 per month. The shop expenses $250 a month for the depreciation of the shop's furniture and equipment. During June, the shop incurred an additional $2,600 of other operating expenses (75\% of these were fixed costs). Read the requirements. Requirements 1. Prepare The Old Tyme Ice Cream Shoppe's June income statement using a traditional format. 2. Prepare The Old Tyme Ice Cream Shoppe's June income statement using a contribution margin format