Cherokee Inc. is a merchandiser that provided the following information: 12,000 Number of units sold 15 Selling price per unit Variable selling expense per unit Variable administrative expense per unit 19,000 Total fixed selling expense 15,000 Total fixed administrative expense 11,000 Beginning merchandise inventory 23.000 Ending merchandise inventory 88,000 Merchandise purchases Required: 1. Prepare a traditional income statement. Cherokee, Inc. Traditional Income Statement Sales 180,000 Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses Administrative expenses