Cherokee Incorporated is a merchandiser that provided the following information: Amount Number of units sold 12,666 Selling price per unit 3; 1? Variable selling expense per unit $ 2 Variable administrative expense per unit $ 2 Total fixed selling expense $ 22,666 Total fixed administrative expense 3; 15,666 Beginning merchandise inventory 5 16,666 Ending merchandise inventory.r 5 25,666 Merchandise purchases 5 66,666 Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement Complete this question by entering your answers in the labs below. Required 1 Required 2 Prepare a tradilional income statement. __ ___ - _ _ Net operating income __ Prepare a contribution format income statement. Cherokee, Incorporated Contribution Format Income Statement Sales $ 204,000 Variable expenses: Cost of goods sold Administrative expenses Selling expenses 0 Contribution margin Fixed expenses: Administrative expenses Selling expenses 0 Net operating income