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 selling expense per unit Variable administrative expense per unit Total fixed selling expense Total fixed administrative expense Beginning merchandise inventory Ending merchandise inventory Merchandise purchases Amount 14,000 $ 16 $ 1 $ 2 $ 19,000 $ 14,000 $ 10,000 $ 24,000 $ 88,000 Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement. Required 1 Required 2 Prepare a traditional income statement. $ 224,000 Quince Products Traditional Income Statement Sales Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses Administrative expenses 0 Net operating income Required 1 Required 2 Prepare a contribution format income statement. Quince Products Contribution Format Income Statement Variable expenses: 0 Fixed expenses: 0