Cherokee Incorporated is a merchandiser that provided the following information: Amount Number of units sold 13,000 Selling price per unit $ 16 Variable selling expense per unit $ 1 Variable administrative expense per unit $ 1 Total fixed selling expense $ 20,000 Total fixed administrative expense $ 15,000 Beginning merchandise inventory $ 12,000 Ending merchandise inventory $ 24,000 Merchandise purchases $ 86,000 Required: Prepare a traditional income statement. Prepare a contribution format income statement.

Cherokee Incorporated is a merchandiser that provided the following information: 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. Prepare a traditional income statement. Cherokee Incorporated is a merchandiser that provided the following information: 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. Prepare a contribution format income statement