Cherokee 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 12,000 $ 16 S 21,000 $ 15,000 $ 11,000 S 25,000 $ 88,000 Required: 1. Prepare a traditional income statement CHEROKE, INC. Traditional Income Statement Sales Cost of goods sold Gross margin Selling and administrative expenses Administrative expenses Selling expenses S 192.000 74.000 118.000 39 000 33.000 72 000