Cherokee Inc. is a merchandiser that provided the following information: Number of units sold 14,000 Selling price per unit 18 Variable selling expense per unit Variable administrative expense per unit 21,000 Total fixed selling expense 16,000 Total fixed administrative expense 10,000 Beginning merchandise inventory 22,000 Ending merchandise inventory 89,000 Merchandise purchases Required 1. Prepare a traditional income statement. Cherokee, Inc. Traditional Income Statement Selling and administrative expenses