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 Amount 11,000 $ 15 $ 1 $ 2 $ 19,000 $ 14,000 $ 9,000 $ 25,000 $ 86,000 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 Sales $ 11,000 Cost of goods sold 15 % 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 Sales S 11,000 15 X Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses Administrative expenses $ 19,000 14,000 33,000 Net operating income Required 2 > Answer is not complete. 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 Variable expenses: Fixed expenses