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 6,500 $610 $417 $58 $126,000 $26 $207,900 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 Assume the following (1) sales = $200,000. (2) unit sales = 10,000. (3) the contribution margin ratio = 41%, and (4) net operating Income = $10,000. Given these four assumptions, which of the following is true? Multiple Choice The total foed expenses - S118.000 The variable expense per unit - $8 20 The total contribution margin-582000