Cherokee Inc. is a merchandiser that provided the following information: Amount Number of units sold 11,000 Selling price per unit $ 16 Variable selling expense per unit $ 1 Variable administrative expense per unit $ 3 Total fixed selling expense $ 20,000 Total fixed administrative expense $ 14,000 Beginning merchandise inventory $ 10,000 Ending merchandise inventory $ 24,000 Merchandise purchases $ 90,000 Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format