# Answered Essay: Milden Company is a merchandiser that plans to sell 33,000 units during the next quarter at a selling price of \$55 per unit. The c

Milden Company is a merchandiser that plans to sell 33,000 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 Formula Cost Cost of good sold Advertising expense Sales commissions Shipping expense Administrative salaries Insurance expense Depreciation expense \$25 per unit sold \$182,000 per quarter 5% of sales \$32,000 per quarter + \$5.00 per unit sold \$92,000 per quarter \$10,200 per quarter \$62,000 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. Required 1 Required 2 Prepare a contribution format income statement for the next quarter Milden Company

 Contribution Format income statement Particulars Amount Sales(33000*55)(A) 1815000 Variable cost Cost of goods sold(33000*25) 825000 variable selling and admin exp: Sales commission(1815000*5%) 90750 Shipping expenses(33000*5) 165000 Total variable expenses(B) 1080750 Contribution margin(C=A-B) 734250 Fixed cost: Advertising 182000 Shipping expenses 32000 administrative 92000 insurance 10200 Depreciation 62000 Total fixed cost(D) 378200 Net income(E=C-D) 356050 Traditional format income statement Particulars Amount Sales 1815000 Cost of goods sold 825000 Gross Profit 990000 Selling and administrative Expenses: Advertising 182000 Shipping expenses(165000+32000) 197000 administrative 92000 insurance 10200 Depreciation 62000 Sale commission(1815000*5%) 90750 Total selling expenses 633950 Net income 356050
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