1-25 (Algo) Traditional and Contribution Format Income Statements [LO1-6] Milden Company is a merchandiser that plans to sell 35,000 units during the next quarter at a selling price of $60 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 Cost Formula $30 per unit sold 5% of sales $180,000 per quarter $40,000 per quarter + $5.00 per unit sold $90,000 per quarter $10,000 per quarter $60,000 per quarter Required: 1. Prepare a contribution format income statement for the next quarter. 2. Prepare a traditional format income statement for the next quarter