Milden Company Is a merchandiser that plans to sell 35,000 units during the next quarter at a selling price of $60 per unit. The company also gathered the following cost estimates for the next quarter Cost Cost of good sold Advertising expense Sales commissions Cost Formula $30 per unit sold $180,eee per quarter S% of sales Shipping expense Administrative salaries Insurance expense Depreciation expense $40,00e per quarter +$5.80 per unit sold $90,eee per quarter $10,eee per quarter $60, eee 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 Milden Company Contribution Format Income Statement For the Next Quarter Sales Variable expenses: Cost of goods sold Sales commission Shipping expense 0 Total variable expenses Contribution margin Fixed expenses: Advertising expense Shipping expense Administrative salaries Insurance expense Depreciation expense Total fixed expenses 0 Net operating income Milden Company Traditional Format Income Statement For the Next Quarter Sales Cost of goods sold Gross margin Selling and administrative expenses: Advertising expense Sales commission Shipping expense Administrative salaries Insurance expense Depreciation expense Total selling and administrative expenses Net operating income