Problem $1-25($Algo$)$ Traditional and Contribution Format Income Statements $[$LO$1-6]$

$1\mathrm{.}91$

points

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Milden Company is a merchandiser that plans to sell $27,000$ units during the next quarter at a selling price of $$56$ per unit. The company also gathered the following cost estimates for the next quarter:

$\backslash$table$[[$Cost$,$Cost Formula$],[$Cost of goods sold,$$26$ per unit sold$],[$Advertising expense,$$176,000$ per quarter$],[$Sales commissions,$5\%$ of sales$],[$Shipping expense,$$34,000$ per quarter $+$$$6\mathrm{.}00$ per unit sold$],[$Administrative salaries,$$86,000$ per quarter$],[$Insurance expense,$$9,600$ per quarter$],[$Depreciation expense,$$56,000$ per quarter$]]$

Required:

Prepare a contribution format income sfatement for the next quarter.

Prepare a traditional format income statement for the next quarter.

Complete this question by entering your answers in the tabs below.

Required $1$

Prepare a contribution format income statement for the next quarter.

Milden Company

Contribution Format Income Statement

For the Next QuarterRequired $1$

Required $2$

Prepare a contribution format income statement for the next quarter.

$1\mathrm{.}91$

points

$\backslash$table$[[$Milden Company,,$],[$Fortribution Format Income Statement,,$],[$Foxt Quarter,,$],[$Variable expenses:,,$],[,,],[,,],[,,],[$Total variable expenses,,$],[$Contribution margin,,$],[$Fixed expenses:,,$],[,,],[,,],[,,],[,,],[$Total fixed expenses,,$],[,,],[,,],[,,],[,,],[,,],[,,]]$Check my wo

$8$

Required $1$

Required $2$

Prepare a traditional format income statement for the next quarter.

$1\mathrm{.}91$

points

References

$\backslash$table$[[$Milden Company$],[$Traditional Format Income Statement,$],[$For the Next Qugrter,$],[,],[,],[,],[$Selling and administrative expenses:,$],[,],[,],[,],[,],[,],[,],[,],[,]]$

$$