Cherokee Inc. is a merchandiser that provided the following information: 1 points Amount 20,000 30 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 eBook $ 4 $ 2 $ 40,000 $ 30,000 $ 24,000 $ 44,000 $ 180,000 Hint Print References 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, Cherokee, Inc Traditional Income Statement $ Sales Cost of goods sold 600,000 160,000 points Complete this question by entering your answers in the tabs below. Book Print References Required 1 Required 2 Prepare a traditional income statement Cherokee, Inc. Traditional Income Statomont Sales Cost of goods sold Gross margin Seling and administrative expenses: Selling expenses $ 120,000 Administrative expenses 70,000 600,000 160,000 440.000 Net operating income 190,000 250,000 $ Required 1 Required 2 Prepare a contribution format income statement. mits Book Hint 600,000 Cherokee, Inc. Contribution Format Income Statement Sales $ Variable expenses Cost of goods sold 160,000 Selling expenses 80,000 Administrative expenses 40,000 Print Ceferences 280,000 Contribution margin Fixed expenses Selling expenses Administrative expenses 40,000 30,000 Net operating income 70,000 250.000 $