Cherokee Inc. is a merchandiser that provided the following information: Amount Number of units sold 11,000 Selling price per unit 16 Variable selling expense per unit $ Variable administrative expense per unit 1 2 Total fixed selling expense $ 20,000 Total fixed administrative expense $ 15,000 Beginning merchandise inventory $ 8,000 Ending merchandise inventory $ 25,000 Merchandise purchases $ 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 traditional income statement. Sales Cost of goods sold Gross margin Cherokee, Inc. Traditional Income Statement $ 176,000 70,000 106,000 Selling and administrative expenses: Administrative expenses Fixed manufacturing overhead Selling expenses Sales Net operating income 0