Cherokee Inc. is a merchandiser that provided the following information: Number of units sold Selling price per unit Variable selling expense per unit Variable administrative expense per unit Total fixed selling expense Total fixed administrative expense Beginning merchandise inventory Ending merchandise inventory Merchandise purchases Amount 12,000 $ 15 $ 1 $ 1 $ 21,000 $ 14,000 $ 11,000 $ 24,000 $ 89,000 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 $ 180,000 Cost of goods sold Gross margin Selling and administrative expenses: 76,000 104,000 Selling evnenses 1. riepare au auiLIONAL INCOIRE SLALEMENIL. 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 $ Cost of goods sold 180,000 76,000 104,000 Gross margin Selling and administrative expenses: Selling expenses Administrative expenses $ 33,000 26,000 Net operating income 59,000 45,000 $ Required 1 Required 2 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a contribution format income statement. Cherokee, Inc. Contribution Format Income Statement Sales $ 180,000 Variable expenses: Cost of goods sold $ 76,000 Selling expenses 76,000 Fixed expenses