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 6,500 $ 610 $ 417 $ 58 $ 126,000 $ 26 $ 207,900 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. 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 3,965,000 2,710,500 1,254,500 Sales Cost of goods sold Gross margin Selling and administrative expenses: Selling expense Administrative expense $ 377,000 169,000 Required A Required B Prepare a contribution format income statement for July. Fanelli Corporation For the month of July Contribution Format Income Statement Variable expenses: + 0 0 Fixed expenses: 0 $ 0