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 Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement. Amount 11,000 $ 18 $ 1 $ 3 $ 19,000 $ 15,000 9,000 $ 26,000 $ 87,000 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 $ 198,000 Cost of goods sold 70,000 Gross margin 128,000 Selling and administrative expenses: Selling expenses 30,000 Administrative expenses 48,000 Net operating income 60 78,000 $ 48,000 Required 2 < Prev 2 of 5 80 888 0 43 54 je 10 A 9 1 87 ok Prepare a contribution format income statement. Cherokee, Inc. Contribution Format Income Statement Int Sales Variable expenses: Print Cost of goods sold 70,000 Selling expenses 11,000 Administrative expenses 15,000 ferences Contribution margin Fixed expenses: 19,000 Selling expenses 15,000 Administrative expenses Net operating income $ 198,000 96,000 106,000 34,000 $ 38,000