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 11,000 Selling price per unit $ 16 Variable selling expense per unit $ 1 Variable administrative expense per unit $ 3 Total fixed selling expense $ 21,000 Total fixed administrative expense $ 15,000 Beginning merchandise inventory $ 12,000 Ending merchandise inventory $ 25,000 Merchandise purchases $ 90,000 Required: Prepare a traditional income statement. Prepare a contribution format income statement