Reference no: EM132596295
Fanelli Corporation, a merchandising company, reported the following results for July:
Number of units sold 6,400
Selling price per unit $600
Unit cost of goods sold $416
Variable selling expense per unit $56
Total fixed selling expense $125,900
Variable administrative expense per unit $24
Total fixed administrative expense $207,800
Cost of goods sold is a variable cost in this company.
Required:
Question a. Prepare traditional format income statement for July.
Question b. Prepare contribution format income statement for July.
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