Fanelli Corporation, a merchandising company, reported the following results for July: Number of units sold 5,900 Selling price per unit $ 600 Unit cost of goods sold $ 411 Variable selling expense per unit $ 68 Total fixed selling expense $ 125,400 Variable administrative expense per unit $ 24 Total fixed administrative expense $ 207,300 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, a merchandising company, reported the following results for July: Number of units sold 5,900 Selling price per unit $ 600 Unit cost of goods sold $ 411 Variable selling expense per unit $ 68 Total fixed selling expense $ 125,400 Variable administrative expense per unit $ 24 Total fixed administrative expense $ 207,300 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.