3 2 points Cherokee Incorporated is a merchandiser that provided the following information: Number of units sold Selling price per unit Variable selling expense per unit Total fixed selling expense Beginning merchandi nventory Amount 10,000 $ 16 $ 1 $2 $ 21,000 $ 15,000 $ 11,000 Variable administrative expense per unit Total fixed adminis tive expense Ending merchandise i entory Merchandise purchases. Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement. $ 23,000 $ 87,000 Answer is not complete. Complete this question by entering your answers in the tabs below. Mc Graw Hill Required 1 Required 2 Prepare a traditional Income statement. Sales Cost of goods sold Cherokee, Incorporated Traditional Income Statement S 160,000 < Prev 3 of 6 Next > 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a traditional Income statement. Cherokee, Incorporated Sales Cost of goods sold Gross margin Traditional Income Statement $ 160,000 Selling and administrative expenses: Selling expenses Administrative expenses Fixed manufacturing overhead Administrative expenses Net operating income $ 20,000 10,000 21,000x 15,000 66,000