Helford's Marine Ltd. manufactures seines for fish harvesters on the west coast of Newfoundland For their quarter ending Dec 31, 2020, they recorded sales of $1,500,000. Each seine costs $500. Fixed selling costs are $410,000 while variable selling costs are $60 per seine. Variable administrative costs costs amount to $30 per seine and fixed administrative costs are $380,000. In addition, purchases of netting (the major direct material used in seines) were $341,000 for the quarter. Hefford's inventory of finished goods at October 1, 2020 was $90,000; its December 31 balance was $110,000 Required: 1. Prepare a traditional income statement for the quarter ended Dec 31, 2020 2. Prepare a contribution format income statement for the quarter ended May 31, 3. What was the contribution toward foxed expenses and profits for each seine sold during the quarter? TERPARME Cos JAMIN Contour CON