Prepare a traditional format income statement. Todrick Company Traditional Income Statement Sales $ 480,000 336,000 144,000 Cost of goods sold Gross margin Selling and administrative expenses: Selling expense $ 72,000 Administrative expense Selling expense Administrative expense 72,000 Net operating income $ 28,800 Problem 1-19 Traditional and Contribution Format Income Statements (L01-6) Todrick Company is a merchandiser that reported the following information based on 1,000 units sold: Sales Beginning merchandise inventory Purchases Ending merchandise inventory Fixed selling expense Fixed administrative expense Variable selling expense Variable administrative expense Contribution margin Net operating income $ 480,000 $ 32,000 $ 320,000 $ 16,000 ? 19,200 24,000 96,000 28,800 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 operating income will change in responses to changes in unit sales