Cherokee Incorporated is a merchandiser that provided the following Information: Amount Number of units sold 11,000 Selling price per unit $ 16 Variable selling expense per unit $ 1 Variable administrative expense per unit $ 2 Total fixed selling expense Beginning merchandise inventory $ 20,000 Total fixed administrative expense $ 16,000 $ 10,000 Ending merchandise inventory Merchandise purchases $ 24,000 $ 88,000 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. Sales Cost of goods sold Gross margin Cherokee, Incorporated Traditional Income Statement $ 176,000 74,000 102,000 Selling and administrative expenses: Selling expenses Administrative expenses $ 31,000 38,000 0 0 69,000 $ 0 Net operating income < Required 1 Required 2 > 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 Variable expenses: Fixed expenses: 0 0 < Required 1 Required 2 >