Cherokee Incorporated is a merchandiser that provided the following information: Amount Number of units sold 10,000 Selling price per unit $ 17 Variable selling expense per unit $ 1 Variable administrative expense per unit $ 3 Total fixed selling expense Beginning merchandise inventory $ 20,000 Total fixed administrative expense $ 16,000 $ 12,000 Ending merchandise inventory Merchandise purchases $ 22,000 $ 89,000 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 $ 170,000 Gross margin Selling and administrative expenses: Selling expenses Administrative expenses Net operating income 0 $ 0 Cherokee Incorporated is a merchandiser that provided the following information: Amount Number of units sold 10,000 Selling price per unit $ 17 Variable selling expense per unit Total fixed selling expense Beginning merchandise inventory $ 1 Variable administrative expense per unit $ 3 $ 20,000 Total fixed administrative expense $ 16,000 $ 12,000 Ending merchandise inventory Merchandise purchases $ 22,000 $ 89,000 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. Variable expenses: Fixed expenses: Cherokee, Incorporated Contribution Format Income Statement 0