Cherokee Inc. is a merchandiser that provided the following information: Number of units sold 13,000 Selling price per unit $ 18 Variable selling expense per unit $ 2 Variable administrative expense per unit 8 1 Total xed selling expense as 20,000 Total xed administrative expense 8 13,000 Beginning merchandise inventory 8 8,000 Ending merchandise inventory 8 24,000 $ Merchandise purchases 89,000 Required: 1. Prepare a traditional income statement