In April, Holderness Incorporated, a merchandising company, had sales of $276,000, selling expenses of $19,500, and administrative expenses of $30,500. The cost of merchandise purchased during the month was $166,000. The beginning balance in the merchandise inventory account was $39,500 and the ending balance was $53,500. Required: Prepare a traditional format income statement for April. Holderness Incorporated For the month of April Traditional Format Income Statement Selling and administrative expenses: