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 $2.460 each. The average cost of a television from the manufacturer is $1,300. Home Entertainment has always kept careful accounting records, and the costs that it incurs in a typical month are as follows: Costs Cost Formula Selling: Advertising $ 1.425 per month Delivery of televisions $ 44 per television sold Sales salaries and commissions $ 3,200 per month, plus 5t of sales Utilities $ 482 per month Depreciation of sales facilities $ 3,690 per month Administrative: Executive salaries $ 8,900 per month Depreciation of office equipment $ 900 per month Clerical $ 2,350 per month, plus 551 per television sold Insurance $ 675 per month During April, the company sold and delivered 174 televisions. Required: 1. Prepare an income statement for April using the traditional format with costs organized by function 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 Selling and administrative expenses: Selling expenses: 0 Total selling expenses Administrative expenses Total selling expenses Administrative expenses: 0 Total administrative expenses Total selling and administrative expenses 0 $ 0 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. HOME ENTERTAINMENT Contribution Format Income Statement For the Month Ended April 30 Total Per Unit Variable expenses Total variable expenses 0 0 0 0 $ Fixed expenses: Variable expenses: Total variable expenses 0 0 0 $ 0 Fixed expenses Total fixed expenses 0 A 0