Cherokee Inc. is a merchandiser that provided the following information: 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 purchases $ 40,000 30,000 $24,000 44,000 $180,000 merchandise inventory Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement