In April, Holderness Incorporated, a merchandising company, had sales of $311,000, selling expenses of $23,000, and administrative expenses of $34,000. The cost of merchandise purchased during the month was $173,000. The beginning balance in the merchandise inventory account was $43,000 and the ending balance was $57,000. Required: Prepare a traditional format income statement for April. Holderness Incorporated For the month of April Traditional Format Income Statement Sales Cost of goods sold Gross margin Selling and administrative expenses: Selling expense $ (23,000) Administrative expense (34,000) Manufacturing overhead 49,000 $ 311,000 (159,000)| 152.000 (8,000) $ 144,000 Net operating income