In April, Holderness Incorporated, a merchandising company, had sales of $313 , 000 , selling expenses of $24 , 000 , and administrative expenses of $35 , 000 . The cost of merchandise purchased during the month was $175 , 000 . The beginning balance in the merchandise inventory account was $44 , 000 and the ending balance was $58 , 000 . Required: Prepare a traditional format income statement for April