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 10,000 $ 16 $ 1 $ 2 $ 20,000 $ 14,000 $ 8,000 $ 25,000 $ 86,000 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 $ 160,000 69,000 91,000 Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses Administrative expenses 34,000