Cherokee Inc. is a merchandiser that provided the following information: Number of units sold Selling price per unit Amount 12,000 17 Variable selling expense per unit Variable administrative expense per unit Total fixed selling expense 21,000 Total fixed administrative expense Beginning merchandise inventory Ending merchandise inventory Merchandise purchases 14,000 11,000 24.000 88,900 Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement.