Exercise 1-6 (Algo) Traditional and Contribution Format Income Statements (L01-6] Cherokee Inc. is a merchandiser that provided the following information: Amount Number of unito nold 13,000 Selling price per unit 10 Variable selling expense per unit 2 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 $ 26,000 Merchandise purchases $ 85,000 $ 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. Traditional Income Statement 234,000 Sales Cost of goods sold Gross margin