Cherokee Incorporated is a merchandiser that provided the following information: Amount Number of units sold 13,000 Selling price per unit Total fixed selling expense Beginning merchandise inventory $ 17 Variable selling expense per unit $1 Variable administrative expense per unit $2 $ 18,000 Total fixed administrative expense $ 15,000 $ 10,000 Ending merchandise inventory Merchandise purchases $ 26,000 $ 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. Sales Cost of goods sold Cherokee, Incorporated Traditional Income Statement $ 221,000 70,000 151,000 Gross margin Selling and administrative expenses: Administrative expenses Selling expenses Administrative expenses 31,000 41,000 72,000 Cherokee Incorporated is a merchandiser that provided the following information: Amount Number of units sold 13,000 Selling price per unit Variable selling expense per unit Total fixed selling expense Total fixed administrative expense Beginning merchandise inventory $ 17 $ 1 Variable administrative expense per unit $ 2 $ 18,000 $ 15,000 $ 10,000 Ending merchandise inventory Merchandise purchases $ 26,000 $ 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 contribution format income statement. Cherokee, Incorporated Contribution Format Income Statement Variable expenses: Fixed expenses: 0 < Required 1 Required 2 >