Milden Company is a merchandiser that plans to sell 35,000 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 $26 per unit sold Cost Formula $183,000 per quarter 68 of sales. $57,000 per quarter +$4.00 per unit sold $93,000 per quarter $10,300 per quarter $63,000 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. Variable expenses: Milden Company Contribution Format Income Statement For the Next Quarter Total variable expenses Contribution margin Fixed expenses: 0 0 Total fixed expenses Milden Company Traditional Format Income Statement For the Next Quarter Selling and administrative expenses: Total selling and administrative expenses 0