Exercise 1-6 (Algo) Traditional and Contribution Format Income Statements (L01-6] Cherokee Incorporated is a merchandiser that provided the following information: Amount Number of units sold 10,000 Selling price per unit $ 18 Variable selling expense per unit $ 2 Variable administrative expense per unit $ 3 Total fixed selling expense $ 21,000 Total fixed administrative expense $ 16,000 Beginning merchandise inventory $ 12,000 Ending merchandise inventory $ 24,000 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. 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 Selling and administrative expenses: Piquid Required 2 > 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 Variable expenses: Fixed expenses: 0