In April, Holdemess Incorporated, a merchandising company, had sales of $296,000, selling expenses of $21,500, and administrative expenses of $32,500. The cost of merchandise purchased during the month was $170,000. The beginning balance in the merchandise inventory account was $41,500 and the ending balance was $55,500 Required: Prepare a traditional format income statement for April Holderness incorporated For the month of April Traditional Format Income Statement Selling and adminisive expenses