1-25 (Algo) Traditional and Contribution Format Income Statements [LO1-6] Milden Company is a merchandiser that plans to sell 27,000 units during the next quarter at a selling price of $53 per unit. The company also gathered the following cost estimates for the next quarter: Cost Cost of good sold Advertising expense Sales commissions Shipping expense Administrative salaries Insurance expense Depreciation expense i Required: $23 per unit sold Cost Formula $173,000 per quarter 68% of sales $68,000 per quarter +$5.00 per unit sold. $83,000 per quarter $9,300 per quarter $53,000 per quarter 1. Prepare a contribution format income statement for the next quarter. 2. Prepare a traditional format income statement for the next quarter. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a contribution format income statement for the next quarter. Milden Company Prau 4 of 4 Next > Variable expenses: Milden Company Contribution Format Income Statement For the Next Quarter Total variable expenses Contribution margin Fixed expenses: Total fixed expenses Statement for the next quarter. Milden Company Traditional Format Income Statement For the Next Quarter + Selling and administrative expenses: Total selling and administrative expenses 0 < Required 1 Required 2