Cherokee Inc is a merchandiser Item Number of units sold Amount 20,000 Selling price per unit $30 Variable selling expenses per unit $4 Variable administrative expenses per unit $2 Total fixed selling expenses $40,000 Total fixed administrative exopenses $30,000 Beginning merchandise inventory $24,000 Ending merchandise inventory $44,000 Merchandise purchases $180,000 | Requirement: Prepare the contribution format income statement Your answer: Sales..... Cherokee, Inc. Contribution Format Income Statement Variable expenses: Cost of goods sold Selling expenses ....... Administrative expenses ($2 per unit x 20,000 units). Contribution margin ......... Fixed expenses: Selling expenses Administrative expenses. Net operating income.... +A $ $ $ $ $ LA SA +A $