Quince Products is a merchandiser that sells specialty fruit jams. The following information is provided by Quince Products Number of units sold Selling price per unit Variable administrative expense per unit Variable selling expense per unit Total fixed selling expense Total fixed administrative expense Beginning merchandise inventory Ending merchandise inventory Merchandise purchases Amount 11,000 $ 16 $ 1 $ 2 $19,000 $ 14,000 $ 10,000 $ 24,000. $ 86,000 Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a traditional income statement. Quince Products Traditional Income Statement Sales $ 176,000 Cost of goods sold 72,000 Gross margin 104,000 Selling and administrative expenses: Selling expenses S 30,000