Problem 1-25 (Static) Traditional and Contribution Format Income Statements [LO1-6] Milden Company is a merchandiser that plans to sell 12,000 units during the next quarter at a selling price of $100 per unit. The company also gathered the following cost estimates for the next quarter: Cost Cost of good sold Advertising expense Sales commissions Shipping expense Administrative salaries Insurance expense Depreciation expense $35 per unit sold Cost Formula $210,000 per quarter 68 of sales $28,000 per quarter +$9.10 per unit sold $145,000 per quarter $9,000 per quarter $76,000 per quarter Required: 1. Prepare a contribution format income statement for the next quarter. 2. Prepare a traditional format income statement for the next quarter.