Edward Lewis, an up-and-coming fashion designer, created a new line of men's fashion socks in response to the growing number of celebrities who are expressing their individuality by replacing traditional navy and black socks with brighter colors and bold patterns. At a sales price of $14 per pair, Edward estimates monthly sales volume will be 25,300 pairs. Variable product costs will be $9.90 per pair and fixed overhead will be $2.00 per pair. Sixty percent of the fixed overhead is directly traceable to the new sock line. To promote the socks, Lewis proposes a $1.28 per pair commission to the company's salespeople and a $11,800 per month advertising campaign. In compliance with corporate policy, the socks will also be allocated $45,800 in fixed corporate support costs. (a) Your answer is partially correct. Prepare a traditional monthly income statement for the proposed sock line. (Enter negative amounts using either a negative sign preceding the number e.g. 45 or parentheses e.g. (45).) Questions of? Monthy hincome Studnerest 5 5