Cherokee Inc. is a merchandiser that provided the following information: Number of units sold Variable selling expense per unit Variable administrative expense per unit Selling price per unit Total fixed selling expense Ending merchandise inventory Merchandise purchases Total fixed administrative expense Beginning merchandise inventory Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement. Amount 20,000 $ 30 $ $ 42 4 2 $ 40,000 $ 30,000 $ 24,000 $ 44,000 $ 180,000