Cherokee Incorporated 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 Beginning merchandise inventory Ending merchandise inventory Merchandise purchases Amount 13,000 $ 16 $ 1 $ 1 $ 21,000 $ 15,000 $ 10,000 $ 23,000 $ 86,000 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 1 Required 2 Prepare a traditional income statement. Cherokee, Incorporated Traditional Income Statement $ 208,000 73,000 135,000 Sales Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses Administrative expenses $ 34,000 28,000 0 62,000 Net operating income $ 73,000 Cherokee, Incorporated Contribution Format Income Statement $ 208,000 Sales Variable expenses: Cost of goods sold Selling expenses Administrative expenses $ 160,000 X 20,000 X 20,000 X 200,000 8,000 X Contribution margin Fixed expenses: Selling expenses Administrative expenses 21,000 15,000 36,000 Net operating income