Cherokee Inc. is a merchandiser that provided the following information:

Amount Number of units sold $14,000$

Selling price per unit $ $15$

Variable selling expense per unit $ $2$

Variable administrative expense per unit $ $2$

Total fixed selling expense $ $18000$

Total fixed administrative expense $ $15,000$

Beginning merchandise inventory $ $11000$

Ending merchandise inventory $ $25000$

Merchandise purchases $ $86000$

Required: $1.$ Prepare a traditional income statement. $2.$ Prepare a contribution format income statement.

Complete this question by entering your answers in the tabs below.

Required $1$Required $2$

Prepare a traditional income statement.

Cherokee, Incorporated

Traditional Income Statement

Selling and administrative expenses: