Cherokee Incorporated is a merchandiser that provided the following information: Number of units sold Selling price per unit Variable selling expense per unit Total fixed selling expense Total fixed administrative expense Variable administrative expense per unit Beginning merchandise inventory Ending merchandise inventory Merchandise purchases Amount 13,000 $ 15 $ 1 $ 2 $ 18,000 $ 15,000 $ 12,000 $ 23,000 $ 87,000 Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement. 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 Cost of goods sold Gross margin Cherokee, Incorporated Traditional Income Statement $ 195,000 76,000 119,000 Selling and administrative expenses: Administrative expenses 26,000 Fixed manufacturing overhead 15,000 Selling expenses 26,000 Purchases 20,000 87,000 Net operating income $ 23,000x Required 1 Required 2 >