Exercise 1-6 {Algo) Traditional and Contribution Format Income Statements [LO1-6] Cherokee Incorporated is a merchandiser that provided the following information: Amount Number OF units sold 16,666 Selling price per unit $ 17 Variable selling expense per unit $ 1 Variable administrative expense per unit $ 1 Total Fixed selling expense $ 19,666 Total fixed administrative expense $ 15,666 Beginning merchandise inventory $ 11,666 Ending merchandise inventory $ 25,666 Merchandise purchases $ 88,666 Required: 1. Prepare a traditionai income statement, 2. Prepare a contribution format income statement. Complete this question by entering your answers in the tabs below. \fComplete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a contribution format income statement