Cherokee Incorporated is a merchandiser that provided the following information: Amount Number of units sold 12,000 Selling price per unit $ 15 Variable selling expense per unit $ 2 Variable administrative expense per unit $ 2 Total fixed selling expense $ 19,000 Total fixed administrative expense $ 16,000 Beginning merchandise inventory $ 10,000 Ending merchandise inventory $ 25,000 Merchandise purchases $ 88,000 Required: Prepare a traditional income statement. Prepare a contribution format income statement.

Complete this question by entering your answers in the tabs below. Prepare a traditional income statement. Prepare a contribution format income statement