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. 5,700 $ 600 $ 409 $ 64 $ 125,200 $ 20 $ 207,100 Required: a. Prepare a traditional format income statement for July b. Prepare a contribution format income statement for July. Answer is not complete. Complete this question by entering your answers in the tabs below. Required A Required B Prepare a traditional format income statement for July. $ Fanelll Corporation For the month of July Traditional Income Statement Sales Cost of goods sold Gross margin Selling and administrative expenses: Selling expense Administrative expense OO 3,420,000 2,331,300 1,088,700 Blo 490,000 321,100 811,100 277,600 Net operating income . $ Required B > Required A Required B Prepare a contribution format Income statement for July. Fanelli Corporation For the month of July Contribution Format Income Statement $ 3,420,000 Sales Variable expenses: Selling expense Cost of goods sold Administrative expense 2,331,300 114,000 2,445,300 974,700 Contribution margin Fixed expenses: Selling expense Administrative expense $ 125,200 207,100 332,300 642,400 Net operating income