Problem Traditional and Contribution Format Income Statements LO1-6 Todrick Company is a merchandiser that reported the following information based on 1,000 units sold: Sales.... $300,000 Beginning merchandise Inventory.. $20,000 Purchases .... $200,000 Ending merchandise Inventory $7,000 Fixed selling expense... ? Fixed administrative expense. $12,000 Variable selling expense.. $15,000 Variable administrative expense ? Contribution margin.... $60,000 Net operating Income $18,000 Required: Prepare a traditional format income statement