Todrick Company is a merchandiser that reported the following information based on 1,000 units sold: Sales Beginning merchandise inventory Purchases Ending merchandise inventory Fixed selling expense Fixed administrative expense Variable selling expense Variable administrative expense Contribution margin Net operating income $ 480,000 $ 32,000 $ 320,000 $ 16,000 $ 2 5 19,200 $ 24,000 $ 2 $ 96,000 $ 28,800 Required: 1. Prepare a contribution format Income statement 2. Prepare a traditional format income statement 3. Calculate the selling price per unit. 4. Calculate the variable cost per unit. 5. Calculate the contribution margin per unit. 6. Which income statement format (traditional format or contribution format) would be more useful to managers in estimating how net operating income will change in responses to changes in unit sales? Complete this question by entering your answers in the tabs below. Req1 Reg 2 Req3 to 5 Reg 6 Prepare a contribution format income statement Complete this question by entering your answers in the tabs below. Reg 1 Req 2 Reg 3 to 5 Reg 6 Prepare a contribution format income statement. $ 480,000 Todrick Company Contribution Format Income Statement Sales Variable expenses: Cost of goods sold $ 336,000 Selling expense Administrative expense Fixed manufacturing overhead 336,000 Contribution margin Fixed expenses Selling expense Administrative expense Variable manufacturing overhead 0 Net operating income Complete this question by entering your answers in the tabs below. Req 1 Req 2 Req 3 to 5 Req 6 Prepare a traditional format Income statement. Todrick Company Traditional Income Statement 0 Selling and administrative expenses: 0