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

Cherokee Inc. is a merohandiser that provided the following information: Number of units sold 20,000 Selling prise per unit $ 30 Variable selling expense per unit 0 4 Variable administ'etive expense per unit $ 2 Total tted selling expense 0 40,000 Total xed administrative expense $ 30,000 Beginning merchandise inventory $ 24,000 Ending merchandise inventory $ 44,000 Merchandise purchases $ 100,000 Requlred: '1. Prepare a traditional insome statement. _ 20 000 Cost of good_ sold Selling and administrative expenses: - Selling expenses -- Administrative expenses E et operating inoome