PROBLEM 1-19 Traditional and Contribution Format Income Statements LO1-6 Todrick Company is a merchandiser that reported the following information based on 1,000 units sold: $300,000 $20,000 $200,000 $7,000 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. $12,000 $15,000 ? $60,000 $18,000 Required: 1. Prepare a contribution format income statement. 2. Prepare a traditional format income statement