Cherokee Inc. is a merchandiser that provided the following information: Amount 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 inventpry Ending merchandise inventory Merchandise purchases 11,000 17 $ 2 $ $21,000 $14,000 $11,000 $ 25,000 88,000 Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a traditional income statement. Cherokee, Inc. Traditional Income Statement $ 187,000 Sales Cost of goods sold (74.000) 3 of 7 ( Prev TRis shows what is correct or incorrect for the work Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a traditional income statement. Cherokae, Inc. Traditional Income Statement Sales $ 187,000 Cost of goods sold (74,000) Gross margin 113,000 Selling and administrative expenses: Administrative expenses $ (47,000) Selling expenses (43,000) (90,000) Net operating income 23,000 Required Required 2