18 Number of units sold Selling price per unit Variable selling expense per unit Variable administrative expense per unit Total fixed selling expense Total fixed administrative expense Beginning merchandise inventory Ending merchandise inventory Merchandise purchases Amount 11,000 $ $ 2 $ 3 $ 18,000 $ 14,000 $ 8,000 $ 24,000 $ 85,000 Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a traditional income statement. Cherokee, Inc. Traditional Income Statement 69,000 25,000 129,000 Cost of goods sold Selling expenses Gross margin Selling and administrative expenses: Selling expenses Administrative expenses 18,000 14,000 32,000 INet operatina income Number of units sold Selling price per unit Variable selling expense per unit Variable administrative expense per unit Total fixed selling expense Total fixed administrative expense Beginning merchandise inventory Ending merchandise inventory Merchandise purchases Amount 11, eee $ 18 $ 2 $ 3 $ 18,000 $ 14,000 $ 8,000 $ 24,000 $ 85,000 Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a contribution format income statement. Cherokee, Inc. Contribution Format Income Statement Sales Variable expenses: Cost of goods sold Selling expenses Administrative expenses 0 Contribution margin Fixed expenses