Exercise 1-6 (Algo) Traditional and Contribution Format Income Statements (L01-6) Cherokee Incorporated is a merchandiset that provided the following information: About 13.000 1) uber of wsite word Selling price per variable welling expense peut Variable distrative expense per unit Total fixed selling expense Tuttive dinistrative expense Beginning merchandise inventory ning mehndine Lentory Merchandise purchases $ 21,000 $ 14,000 $9,000 $ 23,000 5 86,000 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 Required 2 Prepare a traditional income statement Charo noorporated Traditional income talent er merchandisiner 13 sty Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a traditional income statement. Cherokee, Incorporated Traditional Income Statement Sales Beginning merchandise inventory Gross margin Selling and administrative expenses: 0 Required Required 2 > 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement. Complete this question by entering your answers in the trhs below. Required 1 Required 2 Prepare a contribution format income statement. Cherokee, Incorporated Contribution Format Income Statement Variable expenses Fixed expenses 0