Exercise 1-6 (Static) Traditional and Contribution Format Income Statements [LO1-6] Cherokee Incorporated is a merchandiser that provided the following information: Amount Number of units sold 20,000 Selling price per unit 3 30 Variable selling expense per unit $ 4 Variable administrative expense per unit 5 2 Total fixed selling expense 5 40,000 Total fixed administrative expense 5 30,000 Beginning merchandise inventory 5 24,000 Ending merchandise inventory $ 44,000 Merchandise purchases $ 180,000 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. Required 1 Required 2 Prepare a traditional income statement. Required 2 >