es 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 Sales 252,000 Variable expenses: + Cost of goods sold 75,000 Selling expenses 28,000 Administrative expenses 42,000 Contribution margin Fixed expenses: Selling expenses 21,000 Administrative expenses 16,000 145,000 37,000 Net operating income $ 70,000 < Required 1 Required 2 > Saved 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 14,000 $ 18 $ 2 $ 3 $ 21,000 $ 16,000 $ 12,000 $ 25,000 $ 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 contribution format income statement. Cherokee, Incorporated Contribution Format Income Statement Sales Variable expenses: Cost of goods sold Selling expenses Administrative expenses $ 75,000 28,000 42,000 $ 252,000 145,000