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Problem 1-19 (Algo) Traditional and Contribution Format Income Statements (LO1-6) Todrick Company is a merchandiser that reported the following information based on 1.000 units sold > Sales $ 225,000 Beginning merchandise inventory $ 15,eee Purchases $ 150,000 Ending merchandise inventory $ 7,500 Fixed selling expense ? Fixed administrative expense $ 9,000 Variable selling expense $ 11,250 Variable administrative expense Contribution margin $ 45,000 Net operating income $ 13,500 Required: 1. Prepare a contribution format income statement 2. Prepare a traditional format income statement 3. Calculate the selling price per unit. 4. Calculate the variable cost per unit 5. Calculate the contribution margin per unit 6. Which income statement format (traditional format or contribution format) would be more useful to managers in estimating how net Contribution Format Income Statement Sales Variable expenses: Cost of goods sold Selling expense Administrative expense 0 Contribution margin Fixed expenses: Selling expense Administrative expense Fixed manufacturing overhead 0 Net operating income Reg1 Req 2 > Todrick Company Traditional Income Statement 0 Selling and administrative expenses: 0 3. Calculate the selling price per unit. 4. Calculate the variable cost per unit. 5. Calculate the contribution margin per unit. 3. Selling price per unit 4. Variable cost per unit 5. Contribution margin per unit Reg 1 Reg 2 Reg 3 to 5 Reg 6 Which income statement format (traditional format or contribution format) would be more useful to managers in estimating how net operating income will change in responses to changes in unit sales? Traditional income statement Contribution income statement