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Fanelli Corporation, a merchandising company, reported the following results for July: ...

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Accounting

Fanelli Corporation, a merchandising company, reported the following results for July:

Number of units sold 6,200
Selling price per unit $ 600
Unit cost of goods sold $ 414
Variable selling expense per unit $ 52
Total fixed selling expense $ 125,700
Variable administrative expense per unit $ 30
Total fixed administrative expense $ 207,600

Cost of goods sold is a variable cost in this company.

Required:

a. Prepare a traditional format income statement for July.

b. Prepare a contribution format income statement for July.

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