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 Total costs: Variable costs $240,000 ? ? Fixed costs 320,000 ? ? Total costs $560,000 2 ? Cost per unit: Variable cost ? ? ? Fixed cost ? ? 2 Total cost per unit 2 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. (L04, L06] 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 Selling price per unit $500 Variable selling expense per unit $40 Variable administrative expense per unit $15 Total fixed selling expense $125,000 Total fixed administrative expense $100,000 Merchandise inventory, beginning balance $65,000 Merchandise inventory, ending balance $85,000 Merchandise purchases $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