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 Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement. Amount 11,000 $17 $2 $3 $ 22,000 $15,000 $ 11,000 $ 25,000 $ 89,000 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 Required 1 Required 2 Prepare a traditional income statement. Sales Cost of goods sold Gross margin Cherokee, Incorporated Traditional Income Statement 1$ 187,000 75,000 112.000 Selling and administrative expenses: Selling expenses Administrative expenses Sales Selling expenses Net operating income 22,000 22,000 x 22,000 15,000 81,000 $ 31,000 Required 1 Required 2 > 2 6 points Required 1 Required 2 Prepare a contribution format income statement. Cherokee, Incorporated Contribution Format income Statement Variable expenses Fixed expenses