32 Cherokee Inc. is a merchandiser that provided the following information: 2.27 points Skipped Amount Number of units sold 12,000 Selling price per unit 16 Variable selling expense per unit $ 1 Variable administrative expense per unit $ 2 Total fixed selling expense $19,000 Total fixed administrative expense $13,000 Beginning merchandise inventory $12,000 Ending merchandise inventory $25,000 Merchandise purchases $87,000 eBook Hint References Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement.