Leyland Sports is a large retailer of scoreboard signs. The company assembled the information shown below for the quarter ended March 31 Amount Total sales revenue $800,000 $400 $50 Selling price per unit Variable selling expense per unit Variable administrative expense per unit $15 $105,000 $100,000 $45,000 Total fixed selling expense Total fixed administrative expense Merchandise inventory, beginning balance Merchandise inventory, ending balance Merchandise purchases $85,000 $200,000 Required: 1. Prepare a traditional format income statement for the quarter ended March 31. 2. What was the principal difference between traditional and contribution statements