Cherokee Inc. is a merchandiser that provided the following information Amount 12,000 16 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 $ 19,000 $16,000 $ 9,000 $ 22,000 $87,000 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 1Required 2 Prepare a traditional income statement. Cherokee, Inc Traditional Income Statement Sales $192,000 Selling and administrative expenses 31,000 Selling expenses Administrative expenses 28,000 59,000 Cherokee Inc. is a merchandiser that provided the following information Amount 12,000 16 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 $ 19,000 $16,000 $ 9,000 $ 22,000 $87,000 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 contribution format income statement Cherokee, Inc Contribution Format Income Statement Variable expenses Administrative expenses 12,000 Selling expenses 12,000 24,000 Fixed expenses Administrative expenses 16,000 Selling expenses 19,000 35,000 KRequired 1 Required 2