In April, Holderness Inc., a merchandising company, had sales of $306.000. selling expenses of $22.500, and administrative expenses of $33,500. The cost of merchandise purchased during the month was $172,000. The beginning balance in the merchandise inventory account was $42,500 and the ending balance was $56,500 Required: Prepare a traditional format income statement for April Holderness Inc. For the month of April Traditional Format Income Statement Sales D Selling and administrative expenses 0