Homework 28 Save this Excel worksheet using a new file name that starts with your Last Name First Name. Complete calculations in this worksheet and then upload your solution into Canvas The Ski Hut is a large retailer of snow skis. The company assembled the information shown below for the quarter ended March 31: Amount Total sales revenue Selling price per pair of skis Variable selling expense per pair of skis 903,000 430 46 Variable administrative expense per pair of skis 19 Total fixed selling expense 150,000 Total fixed administrative expense 100,000 Beginning merchandise inventory 80,000 Ending merchandise inventory 100,000 Merchandise purchases 300,000 1. Prepare a traditional income statement for the quarter ended March 31. 2. Prepare a contribution format income statement for the quarter ended March 31. Traditional Income Statement Sales COGS Gross margin Selling & administrative expenses Selling expenses Administrative expenses Net operating income Contribution Format Income Statement Sales Variable expenses COGS Selling expenses Administrative expenses Contribution margin Fixed expenses Selling expenses Administrative expenses Net operating income