Cherokee Inc. is a merchandiser that provided the following information: Amount Number of units sold Selling price per unit Variable selling expense per unit 2 Variable administrative expense per unit $ $ 2 Total fixed selling expense $ 19,000 $ 15,000 $ 12,000 Total fixed administrative expense Beginning merchandise inventory Ending merchandise inventory Merchandise purchases $ 24,000 $ 89,000 Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 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 Administrative expenses Net operating income 90 *** $ ssssss 11,000 17 29 111