TB Problem Qu. 1-295 In April, Holderness Inc, a merchandising ... In April. Holdemess Inc, a merchandising company, had sales of $286,000, selling expenses of $20.500, and administrative expenses of $31.500. The cost of merchandise purchased during the month was $168.000. The beginning balance in the merchandise inventory account was $40,500 and the ending balance was $54,500. Required: Prepare a traditional format income statement for April. Selling and administrative expenses