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 13,000 $ 16 $ 2 $ 3 $ 21,000 $ 13,000 $ 8,000 $ 25,000 $ 85,000 Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement Required 1 Required 2 Prepare a contribution format income statement. Cherokee, Incorporated Contribution Format Income Statement Sales Variable expenses: Cost of goods sold Selling expenses Administrative expenses 0 Contribution margin Fixed expenses: 0