Cherokee Incorporated is a merchandiser that provided the following information: Amount Number of units sold 14, 000 Selling price per unit $ 17 Variable selling expense per unit $ 1 Variable administrative expense per unit $ 1 Total fixed selling expense $ 21, 000 Total fixed administrative expense $ 16, 000 Beginning merchandise inventory $ 8, 000 Ending merchandise inventory $ 26, 000 Merchandise purchases $ 86, 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. Cherokee, Incorporated Traditional Income Statement Selling and administrative expenses