Cherokee Inc. is a merchandiser that provided the following information: moun 20,000 30 4 Number of units sold Selling price per unit War iable sell ing expense per unit War iable administ rative expense per unit Total fixed sel ling expense Total f ixed adm inistrat ive expense Beginning merchandise inventory Ending merchand ise invent ory Merchandi se purchases $ 40,000 30,000 24,000 44,000 $ 180,000 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 1Required 2 Prepare a traditional income statement. Cherokee, Inc. Traditional Income Statement Sales Cost of goods sold Gross margin 600,000 160 000 440,000 Selling and administrative