5 Exercise 1-6 (Algo) Traditional and Contribution Format Income Statements [LO1-6] Cherokee Incorporated is a merchandiser that provided the following information: Amount Selling price per unit Variable selling expense per unit Number of units sold Book Hint Print eferences Variable administrative expense per unit Total fixed selling expense Total fixed administrative expense Beginning merchandise inventory Ending merchandise inventory Merchandise purchases Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement. 13,000 $ 18 $ 2 $ 2 $ 20,000 $ 16,000 $ 8,000 $ 25,000 $87,000 Complete this question by entering your answers in the tabs below. for the work you have completed so far. It does not indicate completion. Return to questio 5 Answer is not complete. Complete this question by entering your answers in the tabs below. 2 points: Required 1 Required 2 Prepare a traditional income statement. Cherokee, Incorporated Traditional Income Statement Sales 1 Cost of goods sold 234,000 O 70,000 O Gross margin 104,000 Selling and administrative expenses: Administrative expenses 42.000 O Selling expenses 46,000 Beginning merchandise inventory Administrative expenses Net operating income 000 00 65.000 76.000 Required 2 >