Milden Company is a merchandiser that plans to sell 37,000 units during the next quarter at a selling price of $55 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 $27 per unit sold $184,000 per quarter 5% of sales $24,000 per quarter + $5.00 per unit sold $94,000 per quarter $10,400 per quarter $64,000 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. 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 Milden Company Contribution Format Income Statement For the Next Quarter $ 2,035,000 Sales Variable expenses: Cost of goods sold Sales commission Shipping expense $ 999,000 101,750 209,000 1,309,750 Total variable expenses Contribution margin Fixed expenses: $ Advertising expense Administrative salaries Insurance expense Depreciation expense 184,000 94,000 10,400 64,000 Total fixed expenses Net operating income 352,400 396,850 $ Prepare a traditional format income statement for the next quart $ 2,035,000 999,000 1,036,000 Milden Company Traditional Format Income Statement For the Next Quarter Sales Cost of goods sold Gross margin Selling and administrative expenses: Advertising expense $ 184,000 Administrative salaries 94,000 Insurance expense 10,400 Depreciation expense 64,000 Sales commission 101,750 Shipping expense 185,000 Total selling and administrative expenses Net operating income 639,150 396,850 $