Howell Corporation is a merchandiser that has reported the following information based on 100 units sold: Sales $300,000 Beginning merchandise inventory 20,000 Purchases 200,000 Ending merchandise inventory 7000 Fixed selling expense ??? Fixed administrative expense 12,000 Variable selling expense 15,000 Variable administrative expense ??? Contribution margin 60,000 Net operating income 18,000 Assignment: Set up an excel spreadsheet and: 1. Prepare a contribution format income statement. 2. Prepare a tradition format income statement. 3. Calculate the selling price per unit 4. Calculate the variable cost per unit 5. Calculate the contribution margin per unit 6. Briefly discuss which income statement format would be most useful to managers?