Check m Milden Company is a merchandiser that plans to sell 35,000 units during the next quarter at a selling price of $56 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 $26 per unit sold $183,000 per quarter 68 of sales $57,000 per quarter + $4.00 per unit sold $93,000 per quarter $10,300 per quarter $63,000 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. $ 1,960,000 Milden Company Contribution Format Income Statement For the Next Quarter Sales Variable expenses: Cost of goods sold $ 910,000 Sales commission 117,600 Shipping expense 140,000 1,167,600 Total variable expenses Contribution margin Fixed expenses: Advertising expense Shipping expense. Administrative salaries Insurance expense Depreciation expense Total fixed expenses Net operating income Required 1 Required 2 Prepare a traditional format income statement for the next quarter. $ 1,960,000 910,000 Milden Company Traditional Format Income Statement For the Next Quarter Sales Cost of goods sold Gross margin Selling and administrative expenses: Advertising expense Sales commission Shipping expense Administrative salaries Insurance expense. Depreciation expense Total selling and administrative expenses