Exercise 1-6 (Static) Traditional and Contribution Format Income Statements (LO1-6) Cherokee Incorporated is a merchandiser that provided the following information: Humber of units sold Selling price per unit Variable selling expense per unit Variable administrative expense per unit Total fixed selling expense Total fixed administrative expense Beginning merchandise inventory Ending marchandise Inventory Merchandise purchases Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement. Amount 20,000 $ 30 $4 $2 $ 40,000 $30,000 $24,000 44,000 $ 180,000 Complete this question by entering your answers in the tabs below. Defence Required 1 Required 2 Prepare a traditional income statement. Cherokee, Incorporated Traditional Income Statement 600.000 Sales Cost of goods sold Gross margin Seling and administrative expenses Adminstrative experas Seling p het opesiting income