Cherokee Inc. is a merchandiser that provided the following information: Amount Number of units sold 20,000 Selling price per unit Variable selling expense per unit Variable administrative expense per unit Total fixed selling expense Total fixed administrative expense 30 4 2 40,000 30,000 24,000 44,000 Beginning merchandise inventory Ending merchandise inventory Merchandise purchases 180,000 Required 1 Required 2 Prepare a traditional income statement Cherokee, Inc. Traditional Income Statement Selling and administrative expenses: Cherokee, Inc. Contribution Format Income Statement Variable expenses: Fixed expenses