Cherokee Inc. is a merchandiser that provided the following information: Amount 12,000 17 Number of units sold Selling price per unit Variable selling expense per unit Variable administrative expense per unift Total fixed selling expense Total fixed administrative expense Beginning merchandise inventory Ending merchandise inventory Merchandise purchases 20,000 $14,000 $ 11,000 22,000 86,000 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 $ 204,000 75,000 129,000 Selling expenses Administrative expenses 44,000 26,000 70,000 Net operating income Required 1 Required 2 Prepare a contribution format income statement. Cherokee, Inc. Contribution Format Income Statement Variable expenses: Fixed expenses