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

5,500

$

600

$ 407

$ 60

$ 125,000

$ 30

$ .206,900

Cost of goods sold is a variable cost in this company.

Required:

1. Prepare a traditional format income statement for July.
2. Prepare a contribution format income statement for July.

TB Problem Qu. 1-256 (Algo) Fanelli Corporation, a merchandising... Faneli Corporation, a merchandising company, reported the following results for July? Cost of goods sold is a varioble cost in this company. Pectured: a. Prepore a tracitionsi 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. Prepare a traditional format income statement for July