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 $ 2 $ 2 $ 21,000 $ 16,000 $ 9,000 $ 24,000 $ 90,000 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 contribution format income statement. 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 Stament Sales $ 192,000 75,000 117,000 Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses Administrative expenses $ 45,000 40,000 85,000 Required 1 Required 2 > Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a contribution format income statement Cherokee, Incorporated Contribution Format Income Statement $ 192,000 Sales Variable expenses: Cost of goods sold Selling expenses Administrative expenses $ 75,000 24,000 24,000 123,000 Contribution margin Fixed expenses Selling expenses Administrative expenses 21,000 16,000 37,000 Net operating income