Haaki Shop, Inc, is a large retailer of surfboards. The company assembled the information shown below for the quarter ended May 31: Total sales revenue $ 800,000 Selling price per surfboard $ 400 Variable selling expense per surfboard $ 50 Variable administrative expense per surfboard $ 20 Total fixed selling expense $ 150,000 Total fixed administrative expense $ 120,000 Merchandise inventory, beginning balance $ 80,000 Merchandise inventory, ending balance $ 100,000 Merchandise purchases $ 320,000 Required: Prepare a Traditional income statement for the quarter ended May 31, (Input all amounts as positive values except losses which should be indicated by a minus sign