Cherokee Inc. is a merchandiser that provided the following information:

Number of units sold		10,000
Selling price per unit	$	17
Variable selling expense per unit	$	1
Variable administrative expense per unit	$	1.5
Total fixed selling expense	$	21,000
Total fixed administrative expense	$	15,000
Beginning merchandise inventory	$	10,000
Ending merchandise inventory	$	23,000
Merchandise purchases	$	88,000

Cherokee Inc. is a merchandiser that provided the following information: Prepare a traditional income statement. Prepare a contribution format income statement