Exercise 1-6 (Static) Traditional and Contribution Format Income Statements [LO1-6] Cherokee Incorporated is a merchandiser that provided the following information: Selling price per unit Variable selling expense per unit Amount Number of units sold 20,000 $ 30 $ 4 Variable administrative expense per unit $ 2 $ 40,000 $ 30,000 $ 24,000 Total fixed selling expense Total fixed administrative expense Beginning merchandise inventory Ending merchandise inventory Merchandise purchases Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement. $ 44,000 $ 180,000