Canvas XO Case Logic product portfolio has two product lines. One line includes cases for portable electronics such mobile phones, tablets, and DVD players; the other line includes bags primarily for laptops and cameras. In April 2016, the company gathered the following information related to an overall production of 50,000 units of product Sales commission $20,000 Purchases of materials $90,000 Labor Costs $150,000 Plant utilities $30,000 Promotions and advertising $10,000 New equipment $300.000 Depreciation on equipment $75.000 Depreciation on sales offices $25,000 Other general factory overhead $65,000 Other general administrative expenses $110,000 Cash collected $135.000 Inventory of materials on 04/01 $5,000: Inventory of materials on 04/30 $5,500 Inventory of Work in progress on 04/01 $2,000; Inventory of Work-in-progress on 04/30 $1,000 Inventory of Finished Products on 04/01 $500, Inventory of Finished Products on 04/30 50 Selling price $11 Required: 1. Prepare a traditional format income statement for Case Logic in April