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 $ 18 $ 2 $ 2 $ 21,000 $ 14,000 $ 12,000 $ 22,000 $ 86,000 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 $ 198,000 76,000 122,000 Selling and administrative expenses: Administrative expenses Selling expenses $ 32,000 54,000 86,000 Net operating income $ 78,000 < 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 Sales Variable expenses: Cost of goods sold Selling expenses Administrative expenses Contribution margin $ 70,000 13,000 39,000 Fixed expenses: Selling expenses 19,000 Administrative expenses 15,000 $ 234,000 122,000 112,000 34,000 < Required 1 Required 2 >