Problem 1 A merchandising company, reported the following results for July:

Number of units sold	5,300
Selling price per unit	$ 590
Unit cost of goods sold	$ 403
Variable selling expense per unit	$ 58
Total fixed selling expense	$ 124,400
Variable administrative expense per unit	$ 22
Total fixed administrative expense	$ 206,300

Prepare a traditional format income (financial income) statement for July:

Traditional Format Income Statement
Sales		?
Cost of goods sold		?
Gross margin		?
Selling and administrative expenses follow:
Selling expense	?
Administrative expense	?
Total Selling and administrative expenses		?
Net operating income		?