Cherokee Inc. is a merchandiser that provided the following information: Amount Number of units sold 20.000 Selling price per unit $30 Variable selling expense per unit $4 Variable administrative expense per unit $2 Total fixed selling expense $40.000 Total fixed administrative expense $30,000 Beginning merchandise inventory $24,000 Ending merchandise inventory $44.000 Merchandise purchases $180,000 Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement. A