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Fanelli Corporation, a merchandising company, reported the following results for July: Number of units sold 6,100 Selling price per unit $590 Unit cost of goods

Fanelli Corporation, a merchandising company, reported the following results for July:

Number of units sold 6,100
Selling price per unit $590
Unit cost of goods sold $413
Variable selling expense per unit $50
Total fixed selling expense $125,600
Variable administrative expense per unit $28
Total fixed administrative expense $207,500

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.

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