Milden Company is a merchandiser that plans to sell 43,000 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 Formula
Cost of good sold	$31 per unit sold
Advertising expense	$187,000 per quarter
Sales commissions	6% of sales
Shipping expense	$45,000 per quarter + $4.00 per unit sold
Administrative salaries	$97,000 per quarter
Insurance expense	$10,700 per quarter
Depreciation expense	$67,000 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: Total variable expenses 0 Contribution margin Fixed expenses: Total fixed expenses 0 Milden Company Traditional Format Income Statement For the Next Quarter Selling and administrative expenses: Total selling and administrative expenses 0