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Fanelli Corporation, a trading company, reported the following results for July: Number of units sold 5,400 Sale Price per Unit ps 590 Unit cost of

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

Number of units sold5,400
Sale Price per Unitps590
Unit cost of goods soldps406
Variable selling expense per unitps58
Total Fixed Selling Expensesps124,900
Variable administrative expense per unitps28
Total Fixed Administrative Expenseps206,800

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

Required:

a. Prepare a traditional format income statement for July.

b. Prepare an income statement in quote format for the month of July.

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