Fanelli Corporation, a merchandising company, reported the following results for July: Number of units sold 5,300 Selling price per unit $ 590 Unit cost of goods sold $ 403 Variable selling expense per unit $ 58 Total fixed selling expense $ 124,400 Variable administrative expense per unit $ 22 Total fixed administrative expense $ 206,300 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