Problem $1-19($Algo$)$ Traditional and Contribution Format Income Statements $[$LO$1-6]$

Todrick Company is a merchandiser that reported the following information based on $1,000$ units sold:

Sales $ $450,000$

Beginning merchandise inventory $ $30,000$

Purchases $ $300,000$

Ending merchandise inventory $ $15,000$

Fixed selling expense $?$

Fixed administrative expense $ $18,000$

Variable selling expense $ $22,500$

Variable administrative expense $?$

Contribution margin $ $90,000$

Net operating income $ $27,000$

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.

Required:

Prepare a contribution format income statement.

Prepare a traditional format Income statement.

Calculate the selling price per unit.

Calculate the variable cost per unit

Calculate the contribution margin per unit.

Which income statement format $($traditional format or contribution format$)$ would be more useful to managers in estimating how net

operating Income will change in response to changes In unit sales?

Complete this question by entering your answers in the tabs below. Complete this question by entering your answers in the tabs below.

Req $2$

Prepare a traditional format income statement. Complete this question by entering your answers in the tabs below.

Req $1$

Req $2$

Req $3$ to $5$

Calculate the selling price per unit.

Calculate the variable cost per unit.

Calculate the contribution margin per unit. Complete this question by entering your answers in the tabs below.

Req $1$

Req $2$

Req $3$ to $5$

Calculate the selling price per unit.

Calculate the variable cost per unit.

Calculate the contribution margin per unit.