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 11,808 $ 16 $ 2 $ 3 $ 28,008 $ 14,000 $ 10,000 $ 24,000 $ 86,200 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a traditional income statement. Sales Cast of goods sold Cherokee, Incorporated Traditional Income Statement $ 176.000 Gross margin Selling and administrative expenses Selling expenses Administrative experises Net operating income