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 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 6,300 $ 610 $415 $ 54 $ 125,800 $32 $ 207,700 Complete this question by entering your answers in the tabs below. Required A Required B Prepare a traditional format income statement for July. Fanelli Corporation For the month of July Traditional Income Statement Sales Cost of goods sold 3,843,000 (2,614,500) Gross margin 1,228,500 Selling and administrative expenses Selling expense S (125,800) Administrative expense (207,700) Net operating income (333.500) $ 895,000 Required B> Total rixed Belling expense Variable administrative expense per unit Total fixed administrative expense 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. $ 32 $ 207,700 Complete this question by entering your answers in the tabs below. Required A Required B Prepare a contribution format income statement for July. Fanelli Corporation Sales For the month of July Contribution Format Income Statement Variable expenses: Cost of goods sold Administrative expense Selling expense Contribution margin Fixed expenses Administrative expense Selling expense Net operating income