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Business, 28.02.2021 17:00 kaywendel2008

Fanelli Corporation, a merchandising company, reported the following results for July: Number of units sold 6,700
Selling price per unit$600
Unit cost of goods sold$419
Variable selling expense per unit$62
Total fixed selling expense$126,200
Variable administrative expense per unit$30
Total fixed administrative expense$208,100
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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