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 5,100 590 $ 403 $ 52 $124,600 $ 22 $206,500 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 Sales Cost of goods sold Gross margin Selling and administrative expenses: Selling expense Administrative expense $ 3,009,000 (2,055,300) 953,700 389,800 318,700 Net operating income 708,500 245,200 $ Required Required B > Required A Required 7 Prepare a contribution format income statement for July Fanelli Corporation For the month of July Contribution Format Income Statement Sales Variable expenses Cost of goods sold Selling expense Administrative expense 0 0 Contribution margin Fixed expenses Selling expense Administrative expense 0 Nat operating income $ 0