Problem 1-19 (Algo) Traditional and Contribution Format Income Statements (L01-6] Todrick Company is a merchandiser that reported the following information based on 1000 units sold Sales $ 420,000 Beginning merchandise inventory $ 28,00 Purchases $ 280,000 Ending merchandise inventory $ 14,000 Fixed selling expense Fixed administrative expense $ 16,80 Variable selling expense $ 21,00 Variable administrative expense 2 Contribution margin $ 34,000 Net operating income $ 25, 200 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