Cherokee Inc. is a merchandiser that provided the following information 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 11,000 S 18.00 $ 2.00 $ 0.50 22,000 $ 15,000 $ 11,000 $ 24,000 S 89,000 eginning merchandise inventory Ending merchandise inventory Merchandise purchases Required 1. Prepare a traditional income statement. Answer is complete but not entirely correct CHEROKEE, INC Traditional Income Statement $ 198,000 76,000 122,000 Sales Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses Administrative expenses Selling expenses Administrative expenses Net operating income 22,000 5,500 22,000 15,000 64,500 $ 57,500