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 Ending merchandise inventory Merchandise purchases Amount 12,000 $ 16 $ 1 $ 2 $ 20,eee $ 15,000 $ 11,000 $ 22,000 $ 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. Required 1 Required 2 Prepare a traditional income statement. Cherokee, Incorporated Traditional Income Statement Sales $ 192.000 Cost of goods sold 158,000 Gross margin 34,000 Selling and administrative expenses: Administrative expenses $ 39.000 Selling expenses 20,000 Purchases 59,000