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Problem 1-19 (Static) Traditional and Contribution Format Income Statements [LO1-6] Todrick Company is a merchandiser that reported the following information based on 1,000 units sold: $ 300,000 $ 20,000 $ 200,000 $ 7,000 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 $? $ 12,000 $ 15,000 $? $ 60,000 $ 18,000 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. Req 1 Req 2 Req 3 to 5 Req 6 Prepare a contribution format income statement. Todrick Company Contribution Format Income Statement $ Sales 300,000 Variable expenses: $ Cost of goods sold 213,000 Selling expense 15,000 Administrative expense 12,000 240,000 Fixed expenses: Selling expense Administrative expense 0 Problem 1-19 (Static) Traditional and Contribution Format Income Statements (LO1-6] 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 $ 300,000 $ 20,000 $ 200,000 $ 7,000 $? $ 12,000 $ 15,000 $? $ 60,000 $ 18,000 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. Req 1 Req 2 Reg 3 to 5 Req 6 Prepare a traditional format income statement. Todrick Company Traditional Income Statement Sales Cost of goods sold Gross margin Selling and administrative expenses: Selling expense $ 45,000 Administrative expense 24,000 $ 300,000 213,000 87,000 69,000 $ 18,000 Net operating income Problem 1-19 (Static) Traditional and Contribution Format Income Statements (LO1-6] Todrick Company is a merchandiser that reported the following information based on 1,000 units sold: Sales $ 300,000 $ 20,000 $ 200,000 $ 7,000 $? Beginning merchandise inventory Purchases Ending merchandise inventory Fixed selling expense Fixed administrative expense Variable selling expense Variable administrative expense Contribution margin Net operating income $ 12,000 $ 15,000 $? $ 60,000 $ 18,000 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. Req 1 Req 2 Req 3 to 5 Req 6 3. Calculate the selling price per unit. 4. Calculate the variable cost per unit. 5. Calculate the contribution margin per unit. Show less 3. Selling price per unit 4. Variable cost per unit 5. Contribution margin per unit