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 12,000 $ 16 $ 2 $ 2 $ 21,000 $ 15,000 $ 9,000 $ 23,000 $ 85,000 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a traditional income statement. Cherokee, Inc. Required 1 Required 2 Prepare a traditional income statement. Sales Cost of goods sold Gross margin Cherokee, Inc. Traditional Income Statement $ 192,000 73,000 119,000 Selling and administrative expenses: Selling expenses Administrative expenses $ 34,000 39,000 73,000 $ 46,000 Required 2 > Net operating income Required 1 Required 1 Required 2 Prepare a contribution format income statement. Cherokee, Inc. Contribution Format Income Statement Sales Variable expenses: Cost of goods sold 73,000 Selling expenses 12,000 Administrative expenses 24,000 Contribution margin Fixed expenses: Selling expenses 22,000 Administrative expenses 15,000 $ 192,000 109,000 83,000 37,000 $ 46,000