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

Number of units sold		5,400
Sale Price per Unit	ps	590
Unit cost of goods sold	ps	406
Variable selling expense per unit	ps	58
Total Fixed Selling Expenses	ps	124,900
Variable administrative expense per unit	ps	28
Total Fixed Administrative Expense	ps	206,800

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

Required:

a. Prepare a traditional format income statement for July.

b. Prepare an income statement in quote format for the month of July.

Answer rating: 100% (QA)

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