Cherokee Inc. is a merchandiser that provided the following information: Amount 14,000 Number of units sold Selling price per unit $ 16 $ 1 Variable selling expense per unit Variable administrative expense per unit Total fixed selling expense $ 1 $ 18,000 Total fixed administrative expense Beginning merchandise inventory Ending merchandise inventory Merchandise purchases $ 13,000 $ 11,000 $ 25,000 $ 88,000 Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement. es es es s