Fanelli Corporation, a merchandising company, reported the following results for July:

Number of units sold	6,900
Selling price per unit	$ 620
Unit cost of goods sold	$ 421
Variable selling expense per unit	$ 55
Total fixed selling expense	$ 126,400
Variable administrative expense per unit	$ 34
Total fixed administrative expense	$ 208,300

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.

Required A

Required B

\begin{tabular}{|l|l|l|} \hline \multicolumn{1}{|c|}{ Fanelli Corporation } \\ \hline For the month of July \\ \hline Traditional Income Statement & \\ \hline Selling and administrative expenses: & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline \end{tabular} Prepare a contribution format income statement for July