Exercise 8-19 Luis Herrera, 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 pattens. At a sales price of $9.75 per pair, Luis estimates monthly sales volume will be 20,600 pair Variable product costs will be $6.45 per pair and fixed overhead will be $1.45 per pair. Half of the fixed overhead is directly traceable to the new sock line. To promote the socks, Herrera proposes a $0.40 per pair commission to the company's salespeople and a $10,275 per month advertising campaign. In compliance with corporate policy, the socks will also be allocated $24,450 in fixed corporate support costs Prepare a traditional monthly income statement for the proposed sock line. (Enter negative amounts line. (Enter negative amounts using either a negative sign preceding the number eg. -45 on Luis Herrera Sales revenue 200850 Fixed Gross margin Cost of goods sold Corporate support income/(loss) Prepare a monthly income statement that highlights the proposed sock line's segment margin (Enter negative amounts using either a negative sign preceding the number e.g.-45 or parentheses e.g.(45).) Luis Herrera Monthly Income Statement Sales revenue Variable expenses Cost of goods sold Commissions Contribution margin Cost of goods sold Advertising Segment margin