Cherokee Inc. is a merchandiser that provided the following information: Amount Number of units sold 13,000 16 Selling price per unit Variable selling expense per unit Variable administrative expense per unit Total fixed selling expense Total fixed administrative expense 20,000 4,000 tory Ending merchandise inventory Merchandise purchases 26,000 $ 86,000 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 Cherokee, Inc. Traditional Income Statement Sales Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses Administrative expenses Net operating income Required 2 Required 1 Cherokee Inc. is a merchandiser that provided the following information: Amount Number of units sold 13,000 Selling price per unit Variable selling expense per unit Variable administrative expense per unit Total fixed selling expense Total fixed administrative $ 16 2 $ $20,000 $14,000 expense Beginning merchandise inventory Ending merchandise inventory Merchandise purchases $8,000 $26,000 $86,000 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 Required 1 2 Prepare a contribution format income statement. Cherokee, Inc Contribution Format Income Statement Variable expenses: 0 Fixed expenses: Required 1 Required 2>