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 k Total fixed administrative expense ht ences Beginning merchandise inventory Ending merchandise inventory Merchandise purchases Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement. Amount 12,000 $ 17 $ 1 $ 1 $ 21,000 $13,000 $ 10,000 $ 26,000 $ 86,000 Complete this question by entering your answers in the tabs below. aw Required 1 Required 2 Prepare a contribution format income statement. < Prev 5 of 10 Next > Ch1 ces 1 RO 24 LinkedIn Talent Sol... Prepare a contribution format income statement. Cherokee, Incorporated Contribution Format Income Statement Sales Variable expenses: Administrative expenses Cost of goods sold Selling expenses Variable manufacturing overhead 24,000 70,000 12,000 Fixed expenses: Selling expenses 21,000 Administrative expenses 13,000 Net operating income Q Search Saved 204,000 106,000 34,000 < Prev 5 of 10 99- LOC Next > DOLL 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 tes. Gross margin Cherokee, Incorporated Traditional Income Statement $ 204,000 70,000 134,000 Selling and administrative expenses: Selling expenses Administrative expenses Net operating income $ 33,000 37,000 70,000 $ 64,000 Required 2 >