TB Problem Qu. 1-295 (Algo) In April, Holderness Incorporated, a merchandising... In April. Holderness Incorporated, a merchandising company, had sales of $306,000 selling expenses of $22.500, and administrative expenses of $33,500. The cost of merchandise purchased during the month was $172,000. The beginning balance in the merchandise inventory account was $42,500 and the ending balance was $56,500. Required: Prepare a traditional format income statement for April, Holderness Incorporated For the month of April Tractonal Format Income Statement 0 Selling and administrative expenses 0