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 89,000 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. 187.000 Cherokee, Inc. Traditional Income Statement Sales Cost of goods sold Gross margin Selling and administrative expenses Selling expenses 5 4 3,000 Administrative expenses 37,000 78 000 109,000 B0.000 $ 29,000 Net operating income Required 2 > 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 $ 21,00 $ 15,00 $ 11,000 $ 22,000 $ 89,000 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 contribution format Income statement. Cherokee, Inc. Contribution Format Income Statement Sales Variable expenses Cost of goods sold $ 78,000 Seling expenses Administrative expenses Contribution margin Fixed expenses Selling expenses Administrative expenses Net operating income