(dont pay attention to the filled out labels or numbers they may be wrong)

Cherokee Inc. is a merchandiser that provided the following information: Amount 14,000 16 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 20,000 $ 13,000 $ 12,000 $ 24,000 $ 88,000 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. Cherokee. Inc. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a traditional income statement. $ Cherokee, Inc. Traditional Income Statement Sales Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses $ 34,000 Administrative expenses 55,000 840,000 76,000 240,000 89,000 Required 1 Required 2 Prepare a contribution format income statement. Cherokee, Inc. Contribution Format Income Statement Sales $ 840,000 $ Variable expenses: Cost of goods sold Selling expenses Administrative expenses Manufacturing overhead 76,000 38,000 62,000 176,000 Fixed expenses Selling expenses Administrative expenses 20,000 13,000 33,000