Problem1 A merchandising company, reported the following results for June:

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

?