Cherokee Inc. is a merchandiser that provided the following information: Number of units sold 11,000 Selling price per unit $ 16 Variable selling expense per unit $ 2 Variable administrative expense per unit $ 1 Total fixed selling expense $ 21,000 Total fixed administrative expense $ 15,000 Beginning merchandise inventory $ 11,000 Ending merchandise inventory $ 24,000 Merchandise purchases $ 88,000 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement.