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 Amount $ 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: 1. Prepare a traditional income statement for the quarter ended May 31. HAAKI SHOP, INC. Traditional Income Statement Quarter Ended May 31 Selling and administrative expenses: 0 0