Home Entertainment is a small family owned business that purchases LCD televisions from a reputable manufacturer and sells them at the retail level. The televisions sell, on average, for $1,580 each. The average cost of a television from the manufacturer is $1,050. Home Entertainment has always kept careful accounting records, and the costs that it incurs in a typical month are as follows: Cost Formula Costs Selling: Advertising Delivery of televisions Sales salaries and commissions Utilities Depreciation of sales facilities Administrative Executive salaries Depreciation of office equipment clerical Insurance $ 1,145 per month $ 42 per television sold $ 3,500 per month, plus 5% of sales $ 480 per month $ 3,080 per month $ 11,800 per month $ 530 per month $ 2,eze per month, plus $57 per television sold $ 780 per month During April, the company sold and delivered 232 televisions. Required: 1. Prepare an income statement for April using the traditional format with costs organized by function. HOME ENTERTAINMENT Traditional Income Statement For the Month Ended April 30, 2. Prepare an income statement for April, this time using the contribution format with costs organized by behaviour Show costs and revenues on both a total and a per unit basis down through contribution margin For the Month Ended April 30 Total Per Unit Variable expenses 0 0 Total variable expenses 23 0 $ 0 Fixed expenses