Fuided Example connec Hough Company manufactures and sells a single product. A partially completed schedule of the company's total and per unit costs over a relevant range of 80,000 to 120,000 units produced and sold each year is given below: Units produced and sold 80,000 100,000 120,000 $240,000 320,000 $560,000 ? ? ? Total costs: Variable costs Fixed costs Total costs Cost per unit: Variable cost Fixed cost Total cost per unit ? ? 2 ? ? ? ? ? ? ? ? Required: 1. Complete the schedule of the company's total and unit costs. 2. Assume that the company produces and sells 110,000 units during the year at the selling price of $6.50 per unit. Prepare a contribution format income statement for the year. Guided Example Icon Maui Mike's is a large retailer of surfboards. The company assembled the information shown below for the quarter ended May 31: Amount Total sales revenue $750,000 $500 $40 Selling price per unit Variable selling expense per unit Variable administrative expense per unit Total fixed selling expense Total fixed administrative expense Merchandise inventory, beginning balance Merchandise inventory, ending balance Merchandise purchases $15 $125,000 $100,000 $65,000 $85,000 $295,000 Required: 1. Prepare a traditional income statement for the quarter ended May 31. 2. Prepare a contribution format income statement for the quarter ended May 31