Prepare a contribution format income statement for the next quarter.

Milden Company
Contribution Format Income Statement
For the Next Quarter
Variable expenses:
Total variable expenses		0
Contribution margin
Fixed expenses:
Total fixed expenses		0

Milden Company
Traditional Format Income Statement
For the Next Quarter
Selling and administrative expenses:
Total selling and administrative expenses		0

Milden Company is a merchandiser that plans to sell 31,000 units during the next quarter at a selling price of $55 per unit. The company also gathered the following cost estimates for the next quarter: Cost Cost of good sold Advertising expense Sales commissions Shipping expense Administrative salaries Insurance expense Depreciation expense Cost Formula $25 per unit sold $175,000 per quarter 6% of sales $60,000 per quarter + $5.00 per unit sold $85,000 per quarter $9,500 per quarter $55,000 per quarter Required: 1. Prepare a contribution format income statement for the next quarter. 2. Prepare a traditional format income statement for the next quarter. Complete this question by entering your answers in the tabs below