In April, Holderness Incorporated, a merchandising company, had sales of $266,000, selling expenses of $18,500, and administrative expenses of $29,500. The cost of merchandise purchased during the month was $164,000. The beginning balance in the merchandise inventory account was $38,500 and the ending balance was $52,500. Required: Prepare a traditional format income statement for April. Holderness Incorporated For the month of April Traditional Format Income Statement Selling and administrative expenses: