Cherokee Inc. is a merchandiser that provided the following information: Amount Number of units sold 12,000 Selling price per unit $ 18 Variable selling expense per unit $ 2 Variable administrative expense per unit $ 2 Total fixed selling expense $ 21,000 Total fixed administrative expense Ending merchandise inventory Beginning merchandise inventory Merchandise purchases $ 15,000 $ 10,000 $ 23,000 $ 88,000 Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement.