Milden Company is a merchandiser that plans to sell 27,000 units during the next quarter at a selling price of $56 per unit. The company also gathered the following cost estimates for the next quarter: Cost Cost of good sold Advertising expense Sales commissions Shipping expense Administrative salaries Insurance expense Depreciation expense Cost Formula $26 per unit sold $176,000 per quarter 5% of sales $34,000 per quarter 6.00 per unit sold $86,000 per quarter $9,600 per quarter 56,000 per quarter Required: 1. Prepare a contribution format income statement for the next quarter. 2. Prepare a traditional format income statement for the next quarter. Prepare a contribution format income statement for the next quarter. Milden Company Contribution Format Income Statement For the Next Quarter Variable expenses: Total variable expenses Contribution margin Fixed expenses: Total fixed expenses Required 1 Required 2 Prepare a traditional format income statement for the next quarter. Milden Company Traditional Format Income Statement For the Next Quarter Selling and administrative expenses: Total selling and administrative expenses 0