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Paul White, an up-and-coming fashion designer, created a new line of men's fashion socks in response to the growing number of celebrities who are expressing their individuality by replacing traditional navy and black socks with brighter colors and bold patterns. At a sales price of $14 per pair, Paul estimates monthly sales volume will be 24,700 pairs. Variable product costs will be $9.60 per pair and fixed overhead will be $2.00 per pair. Sixty percent of the fixed overhead is directly traceable to the new sock line. To promote the socks, White proposes a $1.22 per pair commission to the company's salespeople and a $11,200 per month advertising campaign. In compliance with corporate policy, the socks will also be allocated $45,200 in fixed corporate support costs. Prepare a traditional monthly income statement for the proposed sock line. (Enter negative amounts using eith preceding the number e.g. -45 or parentheses e.g. (45).) Paul White Monthly Income Statement Sales revenue 345800 Cost of goods sold Variable 237120 Fixed 49400 Gross margin Operating expenses Commissions. 30134 i Corporate support 45200 i Advertising 11200 i Operating income/(loss) LA Me LA +A 286520 THE 59280 86534 M. -27254 Prepare a monthly income statement that highlights the proposed sock line's segment margin. (Enter negative amounts using eith a negative sign preceding the number eg. -45 or parentheses eg. (45)) Paul White Monthly Income Statement Segment margin Commissions Traceable fixed expenses Contribution margin Variable expenses Advertising Sales revenue Cost of goods sold > > > > > $ $