PROBLEM 1- Traditional & Contribution Margin Format Income Statements: XYZ Corporation, is a merchandising company located in Austin, Texas. The following information is available for March of 2022: Number of units sold Selling price per unit Unit cost of goods sold Variable selling expense per unit Total fixed selling expense Variable administrative expense per unit Total fixed administrative expense 7,000 $ 650 $ 425 $55 $ 126,000 $25 $ 200,000 Cost of goods sold is a variable cost in this company since they are a merchandising firm. Required: a. b. C. Prepare a traditional format income statement for March. Remember your statement headings. Prepare a contribution format income statement for March. Remember your statement headings. Which format do you prefer? Why?