Reference no: EM132596313

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.