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 5,600 $ 610 $ 408 $ 62 $125, 100 $ 32 $207,000 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: Administrative expense $ 179,200 Seling expense 347,200 Administrative expense 207,000 Selling expense 125,100 Net operating income 3,416,000 2,284,800 1,131,200 858,500 272,700 $ 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 contribution format income statement for July. Fanelli Corporation For the month of July Contribution Format Income Statement Sales $ 3,416,000 Variable expenses Cost of goods sold $ 2,284,000 Administrative expense 179,200 Selling expense Cost of goods sold 2,463,200 952,800 Fixed expenses: Selling expense Administrative expense 0 Net operating income $ 952,800