Cherokee Incorporated is a merchandiser that provided the following information: Number of units nold 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 20,000 $ 30 $ 4 $ 2 $ 40,000 $ 30,000 $ 24,000 $ 44,000 $ 180,000 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. 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: 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 Variable expenses: Fixed expenses A Next