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 20,000 $ 30 $ 4 $ 2 $ 40,000 $ 30,000 $ 24,000 $ 44,000 $ 180,000 Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a traditional income statement. Sales Cherokee, Incorporated Traditional Income Statement $ 600,000 160,000 440,000 Cost of goods sold Gross margin Selling and administrative expenses: Administrative expenses $ 70,000 Selling expenses 120,000 Net operating income 190,000 $ 250,000 < Required 1 Required 2 > Required 1 Required 2 Prepare a contribution format income statement. Cherokee, Incorporated Contribution Format Income Statement Sales Variable expenses: Cost of goods sold 160,000 Selling expenses 80,000 Administrative expenses 40,000 Fixed expenses: Selling expenses 40,000 Administrative expenses 30,000 $ 600,000 280,000 320,000 Net operating income 70,000 $ 250,000 < Required 1 Required 2 >