Cherokee Inc. s a merchandiser that provided the following information: Amount Number of units sold 14, Selling price per unit Variable selling expense per unit Variable administrative expense per unit Total fixed selling expense 18 S 19,000 ense Beginning merchandise inventory Ending merchandise inventory Merchandise purchases 10,000 25,000 87,000 Required: 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 traditional income statement. Cherokee, Inc. Traditional Income Statement Sales $ 252,000 Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses Administrative expenses 0 Net operating income Cherokee Inc. is a merchandiser that provided the following information: Amount Number of units sold 14,000 Selling price per unit Variable selling expense per unit Variable administrative expense per unit Total fixed selling expense 18 1 S 1 $ 19,000 Total fixed administrative expense $ 15,000 $ 10,000 Beginning merchandise inventory Ending merchandise inventory Merchandise purchases 25,000 87,000 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 Variable expenses: C Fixed expenses