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Whitman Corporation, a merchandising company, reported sales of 7,400 units for May at a selling...

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Accounting

Whitman Corporation, a merchandising company, reported sales of 7,400 units for May at a selling price

of $677 per unit. The cost of goods sold (all variable) was $441 per unit and the variable selling expense

was $54 per unit. The total fixed selling expense was $155,600. The variable administrative expense was

$24 per unit and the total fixed administrative expense was $370,400.

Required:

a. Prepare a contribution format income statement for May.

b. Prepare a traditional format income statement for May.

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