Todrick Company is a merchandiser that reported the following information based on 1,000 units sold: Sales $ 240,000 Beginning merchandise inventory $ 16,000 Purchases $ 160,000 Ending merchandise inventory $ 8,000 Fixed selling expense ? Fixed administrative expense $ 9,600 Variable selling expense $ 12,000 Variable administrative expense ? Contribution margin $ 48,000 Net operating income $ 14,400 Required: 1. Prepare a contribution format income statement. 2. Prepare a traditional format income