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 Beginning merchandise inventory Total fixed administrative expense Ending merchandise inventory Merchandise purchases Amount 14,000 15 1 2 $ 19,000 $ 16,000 $ 9,000 $ 23,000 $ 86,000 Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement. Cherokee, Inc. Contribution Format Income Statement Complete this question by entering your answers in the tabs Sales Cost of goods sold Cherokee, Inc. Traditional Income Statement Sales Variable expenses: Cost of goods sold Selling expenses Administrative expenses Gross margin Selling and administrative expenses: Selling expenses Administrative expenses Net operating income 0 Fixed expenses: Selling expenses Administrative expenses Net operating income 0 0