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 36 Required: 1. Prepare a contribution format income statement for the next quarter 2. Prepare a traditional format income statement for the next quarter. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a traditional format income statement for the next quarter. Milden Company Traditional Format Income Statement For the Next Quarter Sales $ 2,035 000 999,000 1,036,000 Cost of goods sold Gross margin Selling and administrative expenses Sales commissions Shipping expense Advertising expense Administrative salaries $ 101,750 209.000 184,000 no