Fanelli Corporation, a merchandising company, reported the following results for July: Number of units sold Selling price per unit Unit cost of goods sold Variable selling expense per unit Total fixed selling expense Variable administrative expense per unit Total fixed administrative expense 5,700 $ 600 $ 409 $ 64 $125,200 $ 20 $207,100 Cost of goods sold is a variable cost in this company. Required: a. Prepare a traditional format income statement for July. b. Prepare a contribution format income statement for July. Fanelli Corporation For the month of July Traditional Income Statement Sales Cost of goods sold Gross margin Selling and administrative expenses: Selling expense Administrative expense 3,420,000 2,331,300 1,088,700 0 Net operating income $ 1,088,700 Fanelli Corporation For the month of July Contribution Format Income Statement Sales Variable expenses: Cost of goods sold Administrative expense Selling expense 0 0 Fixed expenses: Administrative expense Selling expense $ 0