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 Anount 14,000 $ 17 $ 1 $ 2 $ 20,000 $ 14,000 58,000 $ 24,000 $ 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 Fixed manufacturing overhead Find manufacturing overhead Administrative expenses Net operating income Fequired 2 >