Set Up Monitors Guided Example Problem 1 Otsego, Inc., is a merchandiser that provided the following information: 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 Merchandise inventory, beginning balance Merchandise inventory, ending balance Merchandise purchases 12,000 $25 $2.50 $16,000 $17,000 $25,000 $18,000 $101,000 Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement