Fanelli Corporation, a merchandising company, reported the following results for July: Number of units sold 5,000 Selling price per unit $ 580 Unit cost of goods sold $ 402 Variable selling expense per unit $ 50 Total fixed selling expense $ 124,500 Variable administrative expense per unit $ 20 Total fixed administrative expense $ 206,400 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.