Cherokee Inc. is a merchandiser that provided the following information: VAATA 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 Amount 12,000 $ 18 $ 1 2 $ 20,000 $ 14,000 $ 9,000 $ 25,000 $ 88,000 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 1 Required 2 Prepare a contribution format income statement. Cherokee, Inc. Contribution Format Income Statement Sales Variable expenses Cost of goods sold $ 156.000 216,000 Required 1 Required 2 Prepare a traditional income statement. Cherokee, Inc. Traditional Income Statement $ 216,000 64,000 116,000 Sales Cost of goods sold Gross margin Selling and administrative expenses Selling expenses Administrative expenses S 32,000 38,000 70,000 46,000 Net operating income $ Required 2 > Required 1 Required 2 Prepare a contribution format income statement. 216,000 Cherokee, Inc. Contribution Format Income Statement Sales Vanable expenses Cost of goods sold 156,000 Selling expenses 12,000 Administrative expenses 24,000 192,000 24,000 Contribution margin Fixed expenses Selling expenses Administrative expenses 20,000 14,000 34,000 46.000 Net operating income