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 (variable cost) $405 variable selling expense per unit $58 total fixed selling expense $124,400 variable administrative expense per unit $22 total fixed administrative expense $206,300 please note: cost of goods sold is a variable cost in this company.

a. Prepare a traditional format income statement for July.

b. Prepare a contribution format income statement for July.