Target Company is a retailer that reported the following information based on 1,000 units sold: Sales Beginning inventory Purchases Ending inventory Fixed selling expense Fixed administrative expense Variable selling expense Variable administrative expense $ 300,000 $ 20,000 $ 200,000 $ 7,000 $ 30,000 $ 12,000 $ 15,000 $ 12,000 Required: 1. Prepare a contribution format income statement. 2. Prepare a traditional format income statement. 3. Which income statement format (traditional format or contribution format) would be more useful to managers in estimating how operating income will change in responses to changes in unit sales