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 Formula Cost $26 per unit sold $176,000 per quarter Cost of qood sold Advertising expense Sales commissions 5 % of sales $6.00 per unit sold Shipping expense $34,000 per quarter $86,000 per quarter $9,600 per quarter $56,000 per quarter Administrative salaries Insurance expense Depreciation expense Required: 1. Prepare a contribution format income statement for the next quarter. 2. Prepare a traditional format income statement for the next quarter. Complete this question by entering your answers in the tabs below. Required 1 Required 2 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