Cherokee Incorporated is a merchandiser that provided the following information: Amount 13,000 $ 17 $ 2 $ 3 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 $ 20,000 $ 16,000 $ 12,000 $ 26,000 $ 89,000 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 traditional income statement. $ Cherokee, Incorporated Traditional Income Statement Sales Cost of goods sold Gross margin Selling and administrative expenses: Administrative expenses 55,000 Selling expenses 46,000 221,000 75,000 146,000 101.000 45,000 Net operating income Required 2 > 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 32 $ 3 $ 20,000 $ 16,000 $ 12,000 $ 26,080 $ 89,000 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, Incorporated Contribution Format Income Statement 221,000 Sales $ Variable expenses Cost of goods sold Selling expenses Administrative expenses 75,000 26,000 39.000 140,000 Contribution margin Fixed expenses Selling expenses Administrative expenses 55,000 55,000 45,000 Net operating income