Cherokee Inc. is a merchandiser that provided the following information: Amount Number of units sold 14,000 Selling price per unit 16 Variable selling expense per unit Variable administrative expense per unit Total fixed selling expense 18,000 Total fixed administrative expense 15 , 000 Beginning merchandise inventory 8 , 000 Ending merchandise inventory $ 23,000 Merchandise purchases S 85 , 000 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, Inc. Traditional Income Statement Sales + $ 224,000 Cost of goods sold 70,000 Gross margin 154.000 Selling and administrative expenses