The following information has been provided by Happy Co. for the first quarter of the year: Cost of Goods Sold $ 90,000 Fixed Administrative expenses... $ 20,000 Fixed selling expenses......... .$ 10,000 Number of units sold 100,000 Price per unit. $2 Variable administrative expenses per unit....... $ 0.03 Variable selling expenses per unit ....... $ 0.04 Required: 1. Prepare a Traditional format Income statement. 2. Prepare a Contribution format Income statement. . . . . . 1. Traditional Format 2. Contribution Format