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 55:15 Ending merchandise inventory Merchandise purchases Amount 14,000 $ 17 $ 1 $ 1 $ 21,000 $ 14,000 $ 11,000 $ 25,000 $ 87,000 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.