In March, Amazon Inc., a merchandising company, had sales of $281,000, selling expenses of $20,000, and administrative expenses of $31,000. The cost of merchandise purchased during the month was $167,000. The beginning balance in the merchandise inventory account was $40,000 and the ending balance was $54,000 Required: Prepare a traditional format income statement for March. Holderness Inc. For the month of April Traditional Format Income Statement Sales Cost of goods sold Gross margin Selling and administrative expenses: $ 20,000 Selling expense Administrative expense 31,000 Net operating income $281,000 167,000 114,000 $1,000 $ 63,000