Cherokee Inc. is a merchandiser that provided the following information: Amount Number of units sold Selling price per unit Variable selling expense per unit Variable administrative expense per unit Total fixed selling expense Total fixed administrative expense Beginning merchandise inventory Ending merchandise inventory Merchandise purchases 12,000 16 19,000 $14,000 $9,000 24,000 $86,000 Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement. Complete this question by entering your answers in the tabs below Required 1Required 2 Prepare a traditional income statement. Cherokee, Inc. Traditional Income Statement Sales Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses Administrative expenses Net operating income Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a contribution format income statement. .... Cherokee, Inc. Contribution Format Income Statement Variable expenses 0 Fixed expenses: 0 Required 1 Required 2