Home Entertainment is a small, family-owned business that purchases LCD televisions from a reputable manufacturer and sells them at the retail level. The televisions sell, on average, for $2,470 each. The average cost of a television from the manufacturer is $1,900. Home Entertainment has always kept careful accounting records, and the costs that it incurs in a typical month are as follows: Cost Formula is it is Costs Selling: Advertising Delivery of televisions Sales salaries and commissions Utilities Depreciation of sales facilities Administrative: Executive salaries Depreciation of office equipment clerical Insurance $ 1,160 per month $ 52 per television sold $ 2,800 per month, plus 10% of sales $ 488 per month $ 3,700 per month $ 9,050 per month $ 545 per month $ 1,700 per month, plus $40 per television sold 810 per month During April, the company sold and delivered 215 televisions. Required: 1. Prepare an income statement for April using the traditional format with costs organized by function. 1. Prepare an income statement for April using the traditional format with costs organized by function. HOME ENTERTAINMENT Traditional Income Statement For the Month Ended April 30 Selling and administrative expenses: Selling expenses: Total selling expenses Administrative expenses: Total administrative expenses Total selling and administrative expenses HOME ENTERTAINMENT Contribution Format Income Statement For the Month Ended April 30 Total Per Unit Variable expenses: Total variable expenses Fixed expenses: Total fixed expenses 0