Che.ee Inc. is a merchandiser that provided the following information: 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 14,000 $ 15 $ 2 $ 2 $ 20,000 $ 14,000 $ 11,000 $ 25,000 $ 38,000 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 Required 1 Required 2 Prepare a traditional income statement. $ Cherokee, Inc. Traditional Income Statement Sales Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses $ 19.000 Administrative expenses 14,000 252,000 75,000 131,000 es 33,000 88,000 Net operating income Required 2 > Reg Required 2 cpare a contribution format income statement. $ 252,000 Cherokee, Inc. Contribution Format Income Statement Sales Variable expenses: Cost of goods sold 75,000 Selling expenses 28,000 Administrative expenses 28,000 LA 131,000 121,000 Contribution margin Fixed expenses Selling expenses Administrative expenses 19.000 14,000 33.000 88,000 Net operating income $ Prev