Cherokee Inc. is a merchandiser that provided the following information: Number of units sold 10,000 Selling price per unit $ 17.00 Variable selling expense per unit $ 2.00 Variable administrative expense per unit $ 1.50 Total fixed selling expense $ 22,000 Total fixed administrative expense $ 15,000 Beginning merchandise inventory $ 11,000 Ending merchandise inventory $ 22,000 Merchandise purchases $ 86,000 Required:

1. Prepare a traditional income statement.

2. Prepare a contribution format income statement

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