Penelope's Quilt Shoppe sells homemade Mennonite quilts. Penelope buys the quilts from local Mennonite artisans for $270 each, and her shop sells them for $330 each. Penelope also pays a sales commission of 8% of sales revenue to her sales staff. Penelope leases her country-style shop for $1,075 per month and pays $1,450 per month in payroll costs in addition to the sales commissions. Penelope sold 105 quilts in February. Prepare Penelope's traditional income statement and contribution margin income statement for the month. Prepare the traditional income statement for the month. (Round your answers to the nearest whole dollar. Use parentheses or a minus sign to enter losses.) Prepare the traditional income statement for the month. (Round your answers to the nearest whole dollar. Use parentheses or a minus sign to enter losses.) Penelope's Quilt Shoppe Income Statement Month Ended February 28 Gross profit Lease Less: Cost of goods sold Prepar Less: Operating expenses Operating income Payroll costs Sales commissions Sales revenue it for the month. (Round your answers to the nearest whole dollar. Use parentheses or a minus sign to enter losse Statement 28 Contribution margin Cost of goods sold Gross profit Lease Less: Fixed costs: Prepare for the month. (Round your answers to the nearest whole dollar. Uno parentheses or a minus sign to enter tosses) Less: Variable costs: Operating Income Payroll costs Sales commissions pe tatement 28 Sales revenue